Renault boss says Labour's electric car targets are 'destroying' residual values of EVs

Exclusive Renault boss says Labour's electric car targets are 'destroying' residual values of EVs The Chief Growth Officer of Renault told GB News that hybrids are the 'right solution' for some motorists Sign up to the Cars Newsletter I agree to receive updates and information about my account, the GB News Community, and related products and services from GB News. Email address Sign up By signing up you agree to the Terms and Conditions and Privacy Policy and Community Rules.

Thank you for signing up! See the latest from GB News here . Choose GB News on Google - add us as a preferred source Choose GB News Support GB News Champion free speech and independent journalism while unlocking exclusive benefits. Support us The boss of Renault has told GB News that the residual value of electric cars in the UK is being impacted by EV targets, as millions of drivers prepare to transition away from petrol and diesel vehicles.

Fabrice Cambolive, Chief Growth Officer of Renault Group, spoke to GB News about the difference between the UK and France when it comes to the uptake of EVs. He outlined that France had been "quite consistent" when it comes to regulations surrounding electric cars and the phase-out of polluting vehicles. Mr Cambolive, who is also the CEO of Renault Group, said France has had established incentives in place for motorists, while also ensuring that a trajectory for uptake was "quite clear based on demand incentives".

TRENDING Stories Videos Your Say Data from the European Automobile Manufacturers Association (ACEA) shows that France has registered 387,342 new electric vehicles between January and September this year. This is a huge 79 per cent difference compared to 2025, while new petrol and diesel car sales have fallen 36 per cent and 50 per cent, respectively. The UK has registered around 455,000 electric vehicles this year, according to the Society of Motor Manufacturers and Traders, but petrol and diesel sales are not declining as quickly as in other nations.

More than 720,000 petrol vehicles have been sold in the UK this year, falling just four per cent compared to the previous year, while diesel sales are down seven per cent to 77,683 new cars. The Chief Growth Officer of Renault Group told GB News that EV grant incentives will end one day | RENAULT While the UK Government reintroduced a grant scheme for electric vehicles in July last year, many have criticised Labour for sending mixed messages about the uptake of EVs.

At a time when almost £2billion was being provided for the Electric Car Grant, the Government announced the creation of Electric Vehicle Excise Duty (eVED). This will see electric vehicle drivers pay 3p for every mile they drive, while hybrid car owners will face a charge of 1.5p per mile from April 2028. Experts have argued that this will hamper uptake of EVs as drivers stick with their petrol and diesel vehicles to avoid additional taxes.

LATEST DEVELOPMENTS Driving law changes launching in November - New fuel standards, pedicab restrictions and more Renault boss hails 'golden time' for electric cars in the UK as EV sales surge Labour accused of 'throwing good money after bad' with £1.35bn fuel duty extension Renault has seen impressive growth in its electric vehicle sales, particularly the Renault 5 | RENAULT Mr Cambolive told GB News: "France versus the UK, the residual value of the electric car is higher because in the UK, the residual value of an EV has been a little destroyed by the ZEV mandate.

"I would say there is something to learn in this capacity, to give an incentive, but not to go too far, not to destroy the residual value of the car. "Incentives will stop one day. But [in France], it was the right help at the right moment." The Zero Emission Vehicle mandate currently states that 80 per cent of all new car sales will be electric by the end of the decade, before reaching 100 per cent in 2035. Renault aims to have a split of 50 per cent hybrid and 50 per cent electric car sales by the end of the decade | RENAULT Labour is currently analysing responses to a consultation that looked to weaken ZEV mandate targets to as little as 50 per cent by 2030, in a move that sparked wide controversy.

Mr Cambolive added: "I don't think we will phase out hybrids until 2035. Our objective for 2030 is to be 50 per cent BEV, 50 per cent hybrid. After that, BEVs will grow step-by-step to 90, 100 per cent. "The price of electricity in the UK is not cheap. Hybrid is the right solution for people who can't plug in [at home]." At present, the sale of new petrol and diesel cars will be banned from 2030, while the sale of all non-zero-emission vehicles will be outlawed five years later.

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