Clean Growth Strategy: government investment will help bring down the cost of EVs

The government has launched its new Clean Growth Strategy, which includes a total of 50 policies and plans aimed at reducing greenhouse gas emissions.

The strategy supports the end of an era for conventional diesel vehicles, which are set to be phased out by 2040, and also highlights government plans to spend £1 billion in supporting the take-up of ultra-low emission vehicles.

Also outlined in the strategy, the government plan to invest £246 million over the course of four years in the design, development, and manufacturing of batteries for electrification of vehicles as part of the ‘Faraday Challenge’

This is set to be achieved through the Industrial Strategy Challenge Fund (ISCF).

It is expected that government investment will help bring down the cost of EVs and increase their range.

The government has also awarded £10 million to build UK capability in the development and commercialisation of automotive battery packs.

MP Claire Perry said in a speech launching the new strategy: “Our Clean Growth Strategy will change the way we travel and make our air cleaner.

“We have already said and reconfirm today we will end the sale of new conventional petrol and diesel cars and vans by 2040

“It [the government] will invest £1 billion supporting the take-up of ultra-low emission vehicles, including helping consumers to overcome the upfront cost of an electric car.

“And we will make sure that those cars are powered by developing one of the best electric vehicle charging networks in the world.

“Indeed you may have seen the hydrogen bus outside and we will continue to support different types of low carbon transport.”