Electric vehicles dominate as diesel prices soar
Electric vehicles are becoming the clear choice for British motorists as diesel prices reached an unprecedented £2 per litre on 2 October 2026, with the RAC confirming an average of 200.01p per litre—surpassing the previous record of 199.22p set during the Russia-Ukraine conflict in June 2022.
Research from Octopus Electric Vehicles, a leasing specialist within the Octopus Energy Group, reveals that EVs are now almost nine times more economical to operate than diesel vehicles. Filling a typical 55-litre family car with diesel costs approximately £110, translating to roughly 16.5p per mile, whilst a long-range EV with a 109kWh battery can cost as little as £8 to charge on a smart tariff—around 2p per mile.
The firm's analysis of enquiries from July to September this year shows a dramatic shift in consumer preferences, with Chinese manufacturers claiming three of the five top positions.
Chinese brands lead the rankings
Leading the list is the Omoda E5, manufactured by Chery, one of China's largest automotive companies. The model, which entered the UK market in May 2024, is priced from £33,065 for the Knight trim level, with the higher-specification Noble model starting at £34,565.
The Jaecoo E5, also produced by Chery under its sister brand, takes second place in the rankings. Together, the Omoda and Jaecoo brands recorded 35,113 vehicle registrations in the UK through April 2026, with the Omoda 5 ranking as the sixth best-selling model in April and the Jaecoo 7 securing tenth position.
Rounding out the top three is the Leapmotor B10, marking a third consecutive Chinese entry. The Tesla Model Y claims fourth place, whilst the MG4 Urban completes the top five.
Chinese-owned brands now account for approximately 15% of UK new car registrations in the first half of 2026, with companies including MG, BYD, and Chery's Omoda and Jaecoo brands driving this growth.
Record EV sales amid market evolution
According to data from New AutoMotive, September 2026 saw 99,201 electric vehicle registrations, representing 28.3% of the market and marking a 36% increase compared to September 2025. The surge reflects both growing consumer confidence and an expanding choice of models, with 178 electric vehicles now available in the UK market—more than double the number on offer in 2023.
However, despite this growth, the UK remains behind its Zero Emission Vehicle Mandate targets. With 454,945 new battery electric vehicles registered during the first nine months of the year, EVs represent 26.2% of all new car registrations—below the 33% target set for 2026.
The four vehicles that featured in Octopus Electric Vehicles' top five from April to June have all retained rankings but switched positions, reflecting the rapidly evolving nature of the market as manufacturers refine their offerings to compete in an increasingly crowded sector.
Alvin Castillo, procurement director at Octopus Electric Vehicles, said diesel is becoming more expensive whilst electric cars are growing more competitive. He noted that Chinese brands are reshaping the market, though European manufacturers are responding with compelling new models such as the Renault 5, creating greater choice, better value and accelerated innovation for drivers.
Diesel price crisis deepens
The record diesel prices have been driven by multiple geopolitical factors. International conflicts beginning in late February 2026, combined with supply disruptions and export restrictions, have pushed costs up by approximately 40% in seven months. These restrictions, in place until late October, have significantly impacted fuel availability across European markets.
The stark cost difference between traditional fuel and electric charging is prompting many motorists to reconsider their vehicle choices, particularly as the variety of affordable EV models continues to expand.
