Predictions that EV prices would come down to match those of petrol and diesel cars by the middle of this decade now look overly optimistic, MPs have been told.

Addressing a House of Commons Transport Committee session on the health of the EV market following the delay in the ban on new petrol and diesel cars to 2035, Society of Motor Manufacturers and Traders head of technology and innovation David Wong explained that the milestone now seemed to be less imminent a prospect than had previously been said.

He said: “We were talking about the possibility of EVs hitting parity at the sticker price level with ICE vehicles at about the middle of this decade. 

“I think that most of the research houses that suggested that would happen are now back-pedalling and pushing it all the way back to the later part of the decade. 

“There is a combination of factors. Rising supply chain and raw material costs really bite. That means parity will definitely not be achieved by the middle of the decade.”