14% of Scots planning on purchasing an EV in the next 3 years

14-11-2022

Fourteen percent of Scots are planning on purchasing an electric vehicle (EV) within the next 3 years, with 5% planning on making the switch in the next year, according to new research carried out in Scotland

The research by Wallbox, a global provider of EV charging and energy management solutions is being published at the same time as the very first TV advertisement in the UK for an EV charging product goes on air in Scotland.

The 30 second advert, from Scottish based company, Bumblebee, a retail partner of Wallbox, features an everyday Scottish family benefiting from the convenience of an at-home charger, is now running for four weeks on STV and Sky and across various social platforms including YouTube.

Alan McCleave, director of UK and Ireland at Wallbox says: “Whilst there have been TV ads for electric vehicles, this is the first time in the UK that there is an ad for the actual charging solution, and we are delighted that this accolade goes to Scotland. It just goes to show the growing importance of the EV sector.”

Scott Deacon, managing director of Bumblebee says: "This advert is not only a milestone in terms of our two year partnership with Wallbox – but we are the first charge point installer to have a dedicated mainstream TV ad.”

According to the research, the exorbitant surge in fuel prices was the main reason, given by 52% of respondents, why people in Scotland were most likely to opt for an EV over a petrol or diesel car when the time for their next new vehicle comes. This was followed by people’s concerns over the environmental impact as 30% of Scots say they won’t ever buy another fossil fuelled motor due to its negative effects on the planet. And 25% won’t consider any petrol or diesel car again because they are worried about its resale value, with production of traditionally fuelled cars ending in 2030.

There are however barriers to EV purchase that still trouble people, with the main reason, cited by 63% of respondents, being the cost of the EV itself. The second biggest reason why people are reluctant to go electric is the lack of availability of charging points (52%).

There is currently a huge disparity between the number of public chargers available in Scotland compared to England. According to Zap Map*, there are currently 2,947 public chargers in Scotland compared to 25,459 in England.

McCleave continues: “While there is still a way to go with the public charging infrastructure in Scotland, studies show that around 80% of EV charging happens at home. Our aim with Bumblebee is to give people in Scotland the confidence to make the switch to electric with an at-home EV charging solution which is easy, simple and economical compared to other alternatives.”

*Source: Zap Map data as of 18th March 2022

The research surveyed a nationally representative sample size of 1,000 Scottish people in March 2022. It was conducted by Find Out Now on behalf of Wallbox.

Forward Looking Statements

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electronic vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the caption "Risk Factors" in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on November 12, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website atwww.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.