Price cuts from electric vehicle (EV) manufacturers have not been enough to stem slowing interest in alternatively powered cars.
According to online car retailer AutoTrader, the number of searches for EVs has fallen by two-thirds since early 2022, as higher electricity and lower petrol prices deter buyers.
Enquiries for EVs accounted for just 9% of the total in the three months to March, AutoTrader reported, down from 27% in the same period last year.
A wave of price cuts by Tesla Inc (NASDAQ:TSLA) since January has failed to prevent dwindling interest, despite the reduction prompting the likes of Ford Motor Company (NYSE:F) and Renault most recently to follow suit.
New battery-powered vehicles still cost 37% more than petrol and diesel alternatives, the retailer pointed out, despite the cuts.
Savings for EV owners with home charging reduced by £9 in March, though AutoTrader forecast these to climb in the coming months as oil prices rise.
Ahead of a planned 2030 ban on the sale of petrol and diesel cars, AutoTrader also urged more be done to incentivise the uptake of EVs.
“The goal of mass adoption is at risk unless we use the tax system inventively to spur on EV purchases and accelerate demand,” AutoTrader director Ian Plummer said. “We are in danger of veering off-track. If the Government is serious about achieving its ambitions, it needs to do more.”