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New UK car market registrations fall 6% on-year in October

5th Nov 2024 09:41

(Alliance News) - Registrations of new cars in the UK fell by 6.0% last month, figures showed Tuesday.

Industry body the Society of Motor Manufacturers & Traders, or SMMT, said 144,288 new cars were registered in October.

That compares to 153,529 during the same month last year.

The fall was driven by double-digit drops in petrol and diesel vehicle deliveries, down 14.2% and 20.5% respectively.

There was a 1.6% decline in the uptake of hybrid electric vehicles, and a 3.2% fall in registrations of plug-in hybrid EVs.

Pure battery EVs bucked the trend with growth of 24.5% amid the introduction of a raft of new models.

SMMT Chief Executive Mike Hawes said: "Massive manufacturer investment in model choice and market support is helping make the UK the second largest EV market in Europe.

"That transition, however, must not perversely slow down the reduction of carbon emissions from road transport. Fleet renewal across the market remains the quickest way to decarbonise, so diminishing overall uptake is not good news for the economy, for investment or for the environment.

"EVs already work for many people and businesses, but to shift the entire market at the pace demanded requires significant intervention on incentives, infrastructure and regulation."

Ian Plummer, commercial director at online vehicle marketplace Auto Trader, said: "October new car sales are lagging, although electric vehicles are taking a bigger share of the market thanks to heavy discounting.

"The subdued petrol and diesel sales are also likely to be driven by the efforts of manufacturers to hit EV sales targets under the zero emissions vehicles, or Zev mandate.

"Manufacturers are making significant efforts to bridge the price gap to electrics – as shown by the 12% discounts on Auto Trader's site in October – but the market is still not achieving the volumes needed."

The Zev mandate requires at least 22% of new cars and 10% of new vans sold by each manufacturer in the UK this year to be zero emission, which in most cases means pure electric.

Manufacturers face being required to pay the government GBP15,000 per polluting vehicle sold above the limits, or purchase credits from rival companies.

By Neil Lancefield, PA Transport Correspondent

Press Association: Finance

source: PA

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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