Renault boss says Labour’s electric car targets are ‘destroying’ residual values 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”.

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.

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.

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.

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.