With the new year well underway, there could be a huge boost for the electric vehicle industry.
As of late, there has been resistance and doubt over the future of electric vehicles after the pushback on net zero and EV registration underperforming projections, but these latest announcements have provided a much needed push for the EV industry, facilitating further growth in production and adoption within the UK.
So, What's happening?
This announcement comes from Chancellor Rachel Reeves. In her most recent major speech, she announced plans to continue to boost the UK economy and capitalise on the huge potential that the UK economy has for growth. She unveiled a £65 million investment into an EV charging firm, Connected Kerb, alongside investors Aviva. The NWF (National Wealth Fund) will commit £55M, whilst Aviva will commit £10M. This funding from the NWF will be paired with another £28M equity investment in Cornish Metals, which sources the minerals required for use in EV batteries & solar panels.
What does this mean?
Connected Kerb is hopeful that the injection will allow them to quadruple the number of charge points they are currently supplying to 40,000. Currently Connected Kerb has installed 10,000+ chargers spread across the UK. These kerbside chargers are hugely beneficial for EV owners, providing them with more opportunities to keep their vehicle charged on the go and at home. This is also a huge show of ambition to manufacturers, demonstrating the government's intent and commitment to transitioning to electric vehicles.
Despite the record numbers in 2024, with 380,000+ EVs being registered, this number was still almost 80,000 shy of the figure that had been forecasted by the Society of Motor Manufacturers & Traders (SMMT) in 2023.
The government will be hoping that both of these significant investments will result in an increased number of registered EVs in 2025 with a future target of net zero in mind.
As distributors of electric vehicle cable & accessories within the UK & Worldwide, we see this news as a huge show of ambition backed by investment.
Hilltop will continue to supply High-quality EV cable and Accessories and help to build a more sustainable future.
