Banks are also seeing higher demand, with Bank of Ireland reporting a 50pc increase in new EV lending as more drivers switch to electric motoring.
A wider range of models and more financing options are becoming available, with new brands entering the Irish market and several lower-cost models launched this year.
These figures come from the 2025 Electric Vehicle Market Report, published by Bank of Ireland in partnership with Nevo – a platform which helps customers transition to EV.
Today’s News in 90 – Friday December 5
The report said Ireland’s EV sector has shown strong growth after a slowdown in 2024.
It noted several factors influencing the increase in EV uptake this year, such as greater awareness of the environmental impacts of transport, better access to competitive finance packages, government grants and tax supports, and continued investment in public charging points.
Bank of Ireland said its lending activity reflects this shift, with new EV loans rising by half in 2025.
The bank has partnerships with 16 motor brands, which together accounted for 42pc of all new EV sales in Ireland this year, it said.
The market has also expanded in terms of consumer choice. Brands such as BYD, Xpeng, Smart and Leapmotor all introduced new electric models in 2025, joining the established manufacturers already operating here.
More affordable options have also entered the market, including models such as the Dacia Spring, Hyundai Inster, Citroën ë-C3 and Renault 5 E-Tech.
The report notes that this increase in choice is giving buyers more entry points into electric motoring.
Bank of Ireland’s wider sustainability-related lending reached €16.5bn by the end of September 2025, exceeding the bank’s end-year target of €15bn, it said.
It plans to increase this to €30bn by 2030, with aims of supporting households and businesses with in climate-related investments.
A structured electric vehicle motoring policy is key in unlocking the sector’s potential, according to Derek Kavanagh the head of motor finance at Bank of Ireland.
“Bank of Ireland is proud to support the continued growth of Ireland’s electric vehicle market, a sector we have long championed.
“The insights from Nevo’s latest EV market report highlights the importance of how the alignment of well-designed electric vehicle motoring policy with industry and financial support can help unlock large scale adoption,” he said.
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