Students help local employers solve business challenges

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Students help local employers solve business challenges

More than 90 students from Nottingham Trent University (NTU) have worked with a range of local employers to solve challenges facing their businesses.

Grads4Nottm – in its 9th year – is NTU’s annual initiative highlighting Nottingham as a graduate destination by showcasing the range of businesses and employment opportunities that exist in the city. The event also allows businesses to gain access to the talents and skills of students at NTU.

More than 35 local employers from various business sectors submitted challenges for NTU students to complete and present their ideas at a showcase event.

One of these challenges involved an independent business called The Split Screen Coffee Company, which was started in a mobile camper van in 2015 by Jennifer Walker.

The student team was tasked with helping Jen in Split Screen Coffee’s transition to its new café site at Parker’s Yard on the site of the Framework Knitters Museum in Ruddington. The challenge involved redesigning the café seating area to increase capacity and generate a more welcoming space, while maintaining the museum’s heritage.

Kirsty Lemm, a Graphic Design student at Nottingham Trent University who worked on the project, said: “Grads4Nottm has been an amazing experience, Jen was so welcoming and it was great to learn more about her company but also the history of the venue that we worked with. It was also great to work with my student team-mate in the project who studied a totally different course and collaborate using our different skillsets.”

Jennifer Walker, founder of Split Screen Coffee Company, said: “As a small business owner, it’s so hard for me to find time for a project like this and to get some extra resource to give a fresh look at issues I was having with my business. I was able to access the students’ skills and creative ideas and saving me time and money. I’m looking forward to taking some of their concepts and ideas to the trustees of the museum to hopefully implement them in the near future.”

Another example was a challenge set by Nottingham City of Literature which seeks to ‘build a better future with words’.

The student team was tasked with creating content to promote a literature focused project aimed at young people aged 14-25 years old, encouraging them to engage with reading and writing for pleasure.

Lucy Linton, who studies Broadcast Journalism at NTU, said: “I love media, I love everything to do with reading and literature – so the project took lots of my passions and blended them together. It was fantastic being able to experiment with Adobe software tools and create some great content to promote the project on social media, on popular platforms like Tik Tok.”

Matt Turpin, Communications Coordinator at Nottingham City of Literature, said: “We’re veterans to the Grads4Nottm initiative and I always find it amazing that year on year it just gets better. The student team came on board, understood the task immediately, learned so much about Nottingham City of Literature and incorporated that into an amazing piece of work.

“The students’ use of Tik Tok and the engagement we received has now inspired our team to embrace a platform that previously we were not particularly knowledgeable or comfortable with. They have helped us better understand our younger audience and how we can communicate with them more effectively.”

The Grads4Nottm initiative concluded with each of the student teams presenting their ideas and work at a showcase event held in NTU’s Newton building. The teams were split up into groups and presented their work to several businesses including the business they completed a challenge for.

Valentina Corrao, Employer Engagement Officer at Nottingham Trent University, said: “I think this year’s Grads4Nottm event has been successful, we have received amazing feedback from both the employers and students. The initiative enabled students to gain hands-on experience in professional settings as they work with Nottinghamshire employers. “Previously some participants have ended up being offered full time employment with the employer they worked with in Grads4Nottm. This year at least one employer taking part has offered a placement to one of the students who worked on a project with them which supports our objective to encourage students to stay on in the local area after graduating.”

Warsop Health Hub construction works commence

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Warsop Health Hub construction works commence

Construction has started on the new health hub at Carr Lane Park in Warsop that will significantly expand the parish’s leisure, wellbeing and community provisions.

Due to open in June 2024, the new hub will see the installation of a new 15 x 8-metre swimming pool, a splash play area, changing village, a gym, a multi-purpose hall, a café viewing and IT area and community space. A stone’s throw away from the main site will also see the creation of a new and improved multi-use games area due to open in early 2024. Planning permission for the hub was approved in March 2023, and representatives from Mansfield District Council, the Department of Levelling Up, Housing and Communities (DLUHC), Sport England, Serco/More Leisure and building contractors Pellikaan toured the construction site yesterday (29 June) as work got underway. The delivery of the council’s £9.2m hub was made possible thanks to key funding agreements secured by the authority from various partners and agencies, including a £1.8m capital grant from Sport England, a £3m allocation from the Government’s Towns Fund and £103,967 from the DLUHC to create a dedicated changing place within the building. The hub is just one of six projects funded from the £12.3m awarded to Mansfield District Council in 2021 from the Towns Fund allocation. The remaining funding is coming from the authority directly, with £1.5m from reserves and £3.5m from council borrowing. Councillor Andy Burgin, Portfolio Holder for Environment and Leisure, said seeing diggers on the site was exciting and overwhelming. “It has been a long time in the making, but I am elated to be here on site today and see for myself the works getting well underway to make way for the new community hub,” he said. “This project has been a partnership effort from the beginning, with stakeholders and funders and the Warsop community. They have been telling us what they wanted to see in the parish, and now we are delivering it here. The change and impact this will bring to the community will be long-lasting and revolutionary. “My thanks go out to everyone who has made this possible, and I look forward to seeing the project progress.” The Warsop Health Hub project aligns with the delivery of three of the council’s corporate priorities: wellbeing, aspiration and place. Levelling Up Minister Dehenna Davison said: “I’m delighted that work has started on a major community hub in the heart of Warsop, which is one of six projects we’re supporting through our £12.3 million Town Deal for Mansfield. “The Warsop Health Hub will be a huge asset for the area, helping to boost people’s wellbeing with a new swimming pool and gym. It will also be furnished with fully accessible changing facilities, thanks to an additional £100,000 in government funding. “This exciting project will be enjoyed by the community for years to come and again demonstrates the real benefits levelling up can provide for local people.” In 2019, Sport England jointly funded the Living Well in Warsop study with the council, which reviewed the leisure and community provision in the parish. Residents, businesses and organisations were all asked for their views at consultation events and in a community-wide survey. The outcome was a list of suggestions and ideas that would lead to the right mix of activities, services and facilities to meet the community’s needs. Lisa Dodd-Mayne, Executive Director, Place at Sport England, said: “Sport England’s Uniting the Movement strategy aims to provide opportunities for all people to access sport and physical activity, regardless of their backgrounds, bank balance or postcodes and we know that having accessible and available facilities is essential in achieving this. “We are pleased to see work starting on the Warsop Health Hub, which is one of the first facilities to use our new Leisure Local concept. The opportunities to take part in sport and physical activity that will be made possible by this development are exciting to see and will benefit the local community for years to come, helping people lead healthy and happy lives.” In March, Mayor Andy Abrahams took an executive decision to confirm the total project costs, the council’s borrowing amount and to make Serco Leisure Ltd/More Leisure Community Trust the centre operator. Brian Taylor, Chair of More Leisure Community Trust, added: “We’re very proud to have been chosen as operators for this exciting new community-focused health hub, which looks certain to be warmly welcomed by local residents when it opens in June next year. We look forward to playing our part in improving the health and wellbeing of the people of this parish.”

Kings Mill Reservoir transformation begins

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Kings Mill Reservoir transformation begins
Work on the Kings Mill Reservoir Towns Fund project has started. The first phase of building works will see the construction of an extended car park, increasing capacity for the new building and outdoor adventure facilities. An additional 136 parking spaces are set to be created bringing the total to 260 once complete. The overflow carpark will be closed from Monday 3 July for the duration of this phase of work. The project forms part of Ashfield District Council’s £62.6m Towns Fund programme. Construction of the new facility on the site of the old sailing club building, is due to start in a few months. The new building will provide modern, accessible changing facilities for water sports and a meeting/training room on the ground floor, with restaurant and function space on the first floor. The plans will support activities including sailing, paddleboarding, kayaking, and open water swimming at the reservoir. The new offering will allow more residents and visitors to Kings Mill Reservoir the opportunity to access water sports. Since submitting the initial planning application, the Council has been undertaking surveys and site investigations at the sailing club building, including bat surveys, to ensure wildlife is protected and habitats are enhanced by the new facility. The new building will feature new bat roosts. The new facilities are due to be completed during the summer of 2024. The new leisure facilities will complement the expansion of the Mill Adventure Base to include new outdoor activities. The plans for the well-loved reservoir are just one of the 16 projects being funded by the £62.6m Towns Fund. The Council was successful in securing the funding from the government in June 2021, and since then have been developing business cases, designs, and plans for the planned projects. Cllr Samantha Deakin, Executive Lead for Parks and Environmental Services, said: “The plans for Kings Mill Reservoir are extremely exciting. We can’t wait to be able to open up the offer of a variety of great new activities to visitors. “The location of the new restaurant offering will be a fantastic addition to the reservoir and will bring in even more visitors to Ashfield. I want to reassure residents that the demolition and construction phases of this project will be done sensitively to ensure none of the resident wildlife will be disturbed.” Cllr Matthew Relf, Executive Lead for Growth, Regeneration and Local Planning, said: “This is another milestone for our plans to make Mill Waters one of the top tourist destinations in the East Midlands. We want to hear from clubs or individuals, who are keen to get involved in developing and running water sports activities at the reservoir. Please get in touch with the team if you are interested.” Lindum Construction Manager, Mark Robertson, said: “We are looking forward to getting started on this project, which will result in a superb leisure attraction for local people. The restaurant will be in a fantastic location with views of the water. We have a strong pipeline of local subcontractors who will be working on this scheme with us so the Council’s investment will continue to circulate within the economy. “It is good to be working with Ashfield District Council again. Lindum has delivered several housing schemes for the authority over the past three years and we’ve developed a strong relationship, based on openness, trust and successful delivery of projects.”

Growth Hub celebration event sets out post-ERDF business support plan

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Growth Hub celebration event sets out post-ERDF business support plan

It was ‘business as usual’ as success stories were shared at the conclusion of a growth project that has supported 4,000 local firms.

The sold-out celebratory event in Leicester marked the end of a partnership project part-funded by the European Regional Development Fund (ERDF).

Delivered through the Business Gateway Growth Hub – and run by Leicester City Council, Leicestershire County Council, East Midlands Chamber, and the LLEP – it has seen almost £6m invested in programmes and grants to develop local SMEs since 2019.

Event attendees also learned how future support will be channelled through the Growth Hub as it continues to provide guidance and signposting to available resources.

Councillor Adam Clarke, Deputy City Mayor – Climate, Economy and Culture, said: “The entrepreneurial nature of our economy is one of, if not the, city and county’s biggest strengths.

“Our business community is resilient, adaptable, and creative, and the LLEP Business Gateway Growth Hub plays an important role in supporting that.”

More than 100 delegates were at the Holiday Inn event, which was hosted by Jim Willis, Managing Director of digital agency Bulb Studios.

Presentations detailed the impact of the ERDF partnership, setting out how 4,000 businesses accessed support over the last four years, with 212 jobs created, and more than £2m in grants secured for businesses. A further £3.6m in private sector funding was also secured. 

New LLEP CEO Phoebe Dawson said that provision would continue as the Growth Hub moves into a post-ERDF phase from the end of June.

“What you can expect from the Growth Hub remains the same,” she told delegates. “It’s business as usual.

“We want to work with you and your businesses in the future, providing support and guidance to help you grow.”

Barrie Walford, Economic and Regeneration Manager at North West Leicestershire District Council, described how plans to use UK Shared Prosperity Fund (UKSPF) money in the county have been submitted and approved, with several district-based programmes already in the pipeline.

And Peter Chandler, Head of Economic Regeneration at Leicester City Council, explained how the authority will continue to prioritise business support and is investing more than £3m from UKSPF into support for local businesses.

The event also heard the story of Mohammed Essajee, owner of Interiors by Design, and Scott Burton, General Manager at TEK Seating.

Keynote speaker Tajinder Banwait described the journey of her fragrance brand, Urban Apothecary London, from a kitchen table in Leicester to 30 international markets.

Tajinder, honoured with a Queen’s Award for Enterprise last year in recognition of excellence in international trade, also described her new brand, Palette London, before sharing growth tips with delegates.

Rising corporate profits fuels inflation crisis

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Rising corporate profits fuels inflation crisis
Rising corporate profits have emerged as a key driver of Europe’s inflation crisis, surpassing the impact of the energy shock caused by the war in Ukraine, according to analysis conducted by the International Monetary Fund (IMF). The research conducted by IMF staff reveals that profit increases accounted for nearly half of the eurozone’s post-pandemic inflation rate increase, with companies raising prices more than the spiking costs of imported energy. This finding is likely to be seized upon by trade unions as evidence of “greedflation,” as they advocate for pay raises for their members. Gita Gopinath, the IMF’s deputy managing director, has called on companies to abandon efforts to protect their profit margins in the face of higher costs. She emphasized that for inflation to decrease rapidly, firms must allow their profit margins, which have risen significantly in the past two years, to decline and absorb some of the expected rise in labour costs. The analysis by the IMF comes in the wake of British companies reporting increased profits. Associated British Foods (ABF), the owner of Primark, raised its outlook for the year, citing that shoppers had absorbed price increases for food and clothing. Despite the volume of goods sold remaining relatively flat, the value of ABF’s sales increased by 16% in the quarter to May 27. Eoin Tonge, the finance director, stated that the company had sacrificed some profitability to stay true to their consumers by not raising prices in line with inflation. Inflation in the food sector has shown signs of easing, with supermarkets cutting the prices of household staples. Overall shop price inflation in the UK slowed to 8.4% in June from 9% in May, according to the British Retail Consortium. Food inflation also decreased to 14.6% in June from 15.4% in May, marking the second consecutive deceleration. These trends indicate that prices in shops may have reached their peak. The IMF’s Gopinath emphasized that historical trends indicate workers are likely to raise their salary expectations in order to protect their level standard of living. Workers should experience some wage catch-up as they attempt to make up ground lost due to the pandemic. IMF experts noted that a 5.5% pay increase would be required to bring real earnings back to their pre-pandemic levels by the end of the following year. For inflation to reach the target level, however, the profit share of businesses would need to fall to its lowest level since the middle of the 1990s. The impact of the inflation crisis extends beyond corporate profits and affects workers who are grappling with the rising costs of living. Many individuals find themselves digging into their savings to survive the economic pressures caused by inflation. As prices for essential goods and services increase, households face the challenge of stretching their budgets to cover daily expenses. The challenge is that businesses can find it difficult to accept earnings declines, especially if the economy is still resilient. Additionally, employees may demand compensation for their actual salary losses. Such dynamics could impede the decline in inflation and exacerbate cost pressures and resource depletion. Companies like Sainsbury’s have promised to lower the pricing of their own-brand products and match those of its competitors in an effort to address the issue. The government is also taking action. As the cost of living continues to climb, Chancellor Jeremy Hunt has met with the regulators of the grocery stores, water, electricity, and telecoms sectors to make sure savings are passed on to customers. In conclusion, the inflation crisis in Europe has been mostly driven by increasing corporate profits, exceeding the effects of the energy shock brought on by the conflict in Ukraine. This analysis will probably be cited by trade unions as proof of “greedflation” and as justification for raising worker wages. The IMF urges businesses to accept declining profit margins in order to cover rising labor costs. For governments, corporations, and trade unions, striking a balance that addresses inflation concerns while preserving workers’ living standards and corporate profitability is still essential.

Light Science Technologies benefits from operational improvements as half year revenue grows

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Light Science Technologies benefits from operational improvements as half year revenue grows

Light Science Technologies, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, is benefitting from operational improvements after a year ending with widening losses (loss before tax of £2.72m) despite rising revenue.

In a new update for the six months to 31 May 2023, the company has shown trading in line with expectations, with revenue for the period expected to be £4.4m, up approximately 22% from £3.6m in the same period of last year.

Light Science Technologies said: “The group’s performance reflected the benefits of operational improvements undertaken to improve gross margins, which grew to c.20.9%, compared to 17.7% in FY 2022. Improving market conditions and reduced supply chain constraints within the CEM division underpinned this increase while the group also successfully reduced overheads by approximately 20%, as part of the previously announced cost base realignment.”

The CEM division was the group’s predominant revenue generator, building on record sales achieved during the firm’s 2022 financial year.

Within the CEA division, meanwhile, the group continued to develop its portfolio and potential market reach. The business noted there is still material uncertainty over the level and timing of revenue in the CEA division.

With a view to building on opportunities within both divisions, management is evaluating acquisition opportunities that are cash flow generative.

Looking ahead, the company currently anticipates meeting full year expectations as it benefits from further cost savings during its second half, at the same time as continuing to develop and convert opportunities. Currently, Light Science Technologies’ sales pipeline of quoted work is over £45m, of which there are forward orders and contracts worth £18.8m.

Tungsten Properties agrees renewal of £50m revolving credit facility to fund pipeline of logistics opportunities

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Tungsten Properties agrees renewal of £50m revolving credit facility to fund pipeline of logistics opportunities
Cain International, the privately held investment firm, has agreed the renewal of a £50 million revolving credit facility with Leicester-based Tungsten Properties for a further three years. The renewal follows the successful deployment of the initial facility in 2020 of £36 million. Cain’s partnership with Tungsten began in 2019, with the initial facility having financed four successful schemes with a GDV of approximately £61 million. Coupled with Tungsten’s balance sheet, the first facility supported the development schemes across the UK at Witham, Witney, Oakham and Lutterworth, which totalled more than 440,000 sq ft of industrial and distribution space. The new facility will fund a pipeline of logistics opportunities across the UK. The credit facility transaction has been agreed as part of Cain’s Fortwell strategy, borne out of Cain’s acquisition of Fortwell Capital in 2020, which extended Cain’s lending platform’s offering to development loans ranging between £10 million – £750 million. The strategy focuses on development loans of £10 – 50 million across residential, commercial, and alternative sectors in the UK. Nikos Yerolemou-Ennsgraber, director – real estate debt at Cain International, said: “This transaction presented an opportunity to expand our reach across a sector with fundamentals we believe in, while meeting the growing demand for high-quality logistics assets across the UK delivered by reputable developers. “At its heart, Cain is a partnerships business, and we are delighted to strengthen our relationship with Tungsten through this facility. “With Fortwell now fully integrated into Cain’s real estate debt business, we believe that our holistic service offering provides exciting opportunities for continued deployment of capital with existing clients and new ones, across the full range of loan sizes and financing structures.” Jeff Penman, Managing Director, Tungsten Properties, added: “In the last three years, there’s no doubt that our £50m Revolving Credit Facility with Cain has enabled us to be more agile and secure great quality development opportunities. Also, it has allowed our equity to be spread across a greater number of projects. “This RCF renewal for a further three years gives us greater firepower to respond to and consider opportunities as soon as they present themselves. We look forward to continuing this partnership with Cain and seeking out strategic opportunities to deliver much-needed industrial and distribution space.”

Simple customs declarations top trade priorities for Government as majority of small firms outsource paperwork to intermediaries

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Simple customs declarations top trade priorities for Government as majority of small firms outsource paperwork to intermediaries
A majority of small international traders do not have the dedicated manpower required to handle complex customs paperwork and need to turn to high-cost intermediaries, according to new research by the Federation of Small Businesses (FSB). FSB’s Customs Clearance report finds that the smaller the businesses, the less likely they are to have in-house resources for customs and trade – only 9% of small firms have a dedicated staff member or team. Of these firms, four in ten (38%) have more than 50 employees. Seven in ten (71%) small exporters and importers say they use an intermediary for at least some of the process of handling customs declarations, compared to just a quarter (24%) that handle the entire process in-house. Fast parcel operator (60%) is the most widely used type of intermediary by small international traders, followed by freight forwarder (50%) and customs agents/broker (26%). As businesses are adjusting to the new UK-EU trade relationship, small international traders say they have been asked to pay fees attributed to post-Brexit paperwork, but in many cases there is a lack of clarity from intermediaries on what exactly these extra costs are for. A third of respondents cite high intermediary fees as a challenge for overseas trade. Despite facing higher costs, many small businesses say they will continue to rely on intermediates to export and import. Four in ten (39%) explain this is because they do not have the expertise required to handle customs declarations, while over half (57%) say footing the extra bill would free up their time for other tasks. FSB sets out a list of recommendations to bring down the costs and barriers of international trade in the report, including:
  • Building a small business-friendly Single Trade Window, an online portal delivering a ‘once and done’ approach to Government data collection.
  • Targeting business support towards those with high export potential, and those in sectors that say they find a lack of guidance particularly difficult.
  • Monitor potential anti-competitive behaviour resulting from supply chain disruption via the Competition and Markets Authority Five Eyes working group.
  • Adopting a ‘think small first’ approach to customs policy development, including robust piloting and staggered implementation timelines. Government should also commit to raising the de minimis customs duty threshold to £1,000.
FSB Policy Chair Tina McKenzie said: “The fact that small firms say they will continue to use intermediaries to export and import despite increasing costs shows a strong zeal for international trade. “Unlike big corporates, most small firms don’t have the specialised resources needed to deal with complex customs procedures, so they’re dependent on intermediaries. Smaller businesses may also have to bear higher costs as they are unable to commit to large volume and less able to reach fixed price agreements or to negotiate with couriers. “A flourishing, competitive, and user-friendly intermediary market is vital to small firms. It’s therefore welcome to see the on-going government consultation on introducing voluntary standards for customs intermediaries to improve the quality of service provided. “There’s also a need for an effective and streamlined trade infrastructure with clear guidance to help reduce the costs of trade. This will unleash the export potential of small international traders as well as encouraging more businesses to sell overseas. “Small firms’ appetite to explore new markets and tackle trade barriers means there is reason to be optimistic about the future of SME international trade, and policymakers should make the most of this opportunity.”

Midland Lead up for national award

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Midland Lead up for national award
Following significant investment in their people practices, Swadlincote-based manufacturer, Midland Lead, has been shortlisted for a national award for HR’s professional body, the Chartered Institute of Personnel and Development. The lead manufacturer has been shortlisted for Best SME People Management Initiative for the way they engage and develop their people. Family-run company Midland Lead produces over 15,000 tonnes of lead annually for UK and overseas clients. It is a significant employer in the area, offering a variety of office and manufacturing jobs and apprenticeships. This year marks the company’s 40th anniversary. Since 2015 Midland Lead has worked with Loates HR to create a values-led culture, termed “Team Midland Lead” to build a happy, engaged, and healthy workforce. Manufacturing can be challenging to recruit and retain staff, so they set out to create a flexible, multi-skilled, committed, happy workforce that delivers exceptional customer results. The people-led initiative included the rollout of values, recruiting new starters based against these, developing a pay progression structure for operators and introducing a suite of benefits such as life insurance and enhanced holiday and sick pay. Coupled with significant investment in training opportunities, the introduction of one-to-ones and employee focus groups, Midland Lead is also a Real Living Wage employer. With a focus on wellbeing, staff can access GP appointments, a bike-to-work scheme, Costco membership and access to lunch and learn workshops on nutrition and adopting a healthy lifestyle. The investment in staff has reaped rewards. At the end of last year when faced with crippling energy costs, the company asked employees to design their shifts to help reduce energy bills but also improve operators’ work-life balance; the resulting changes have reduced the company’s energy consumption by 20% and means employees can now finish early on a Friday. HR manager Francoise Derksen said: “We are absolutely delighted with the news that we have been shortlisted for this prestigious CIPD award and truly value working together with our team and local businesses to make Midland Lead a great place to work and thrive. “It’s great to hear that the judges have recognised Midland Lead for our long-term approach to people development, establishing us as an employer of choice, an excellent manufacturer driven by a clear business need to recruit and retain the best to deliver the best for our customers.” Director Sarah Loates, from Derby-based Loates HR Consultancy, said: “We have worked closely with Midland Lead for seven years and have been immensely impressed with their unwavering commitment to make their workplace a better place for all. We are so proud that our professional body has recognised their dedication.” The CIPD award for Best SME People Management Initiative recognises businesses with fewer than 250 employees that have transformed how they manage and develop their people to support the workforce and broader business objectives. The judges specifically looked for evidence of the impact of Team Midland Lead’s approach on business success, including the benefits for employees, customers, suppliers and overall organisation performance.

Tesla named as one of the most popular EVs for salary sacrifice

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Tesla named as one of the most popular EVs for salary sacrifice
Tesla is the car brand still dominating the UK market and there appears to be no imminent expectation of that changing, according to the ‘EV Statistics Dashboard’ created by Pink Salary Exchange. The US-based electric vehicle (EV) brand has taken over the EV market in recent years, and according to the monthly figures compiled by the salary sacrifice experts, that stranglehold isn’t showing any signs of being released. There was a time when the Nissan Leaf was the go-to EV for anyone thinking of making the switch to battery-powered and zero emission driving, but Tesla has completely swept the Japanese brand aside, particularly since the release of the Model 3 executive saloon car in 2017. And at the end of 2021 the UK was taking its first deliveries of the Tesla Model Y, a compact SUV, which has since upstaged the Model 3, and that can be seen in the handy stats dashboard updated each month and freely available on the Pink Salary Exchange website. The most search-for EVs The top five most searched-for brands on the Pink Salary Exchange platform has remained unchanged for the last two months. The top two places have been taken up by Tesla’s Model Y and Model 3 respectively, while third place was the Polestar 2, fourth place was the Skoda Enyaq and fifth place was the Audi E-Tron. April and May saw these top five places remain the same, while in March the only change was the Porsche Taycan replacing the Skoda Enyaq. Indeed, the only other models to make the top five most searched for cars in 2023 have been the MG Motor MG4, the Kia Niro and the BMW I4. One million EV target in reach Tesla CEO Elon Musk vowed to concentrate on sales growth rather than profitability in 2023, and hence has made the Model Y and Model 3 much more affordable in the UK, which might explain their dominance in the figures. But the Pink Salary Exchange EV Statistics Dashboard does highlight the fact that virtually every major vehicle brand has an EV on the market now, and it also shows that the EV market is well on the way to hitting its one million sales target by 2024. In May 2023 there were 786,000 EVs on UK roads, but experts do think the cost of living crisis in 2023 may have put a temporary halt on EV sales. In May 2023 EV sales accounted for 17% of the overall UK vehicle market, while back in December 2022, the dashboard shows us that this was as high as 33%. Either way, the EV is an unstoppable force. Keep up to date with the latest EV statistics via the Pink Salary Exchange EV Statistics Dashboard.
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