According to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), the UK’s new car market held steady in August this year, dropping only slightly by 1.3% year-on-year to 84,575 units, just 1,082 fewer than in the same month last year.
In terms of power type, sales of petrol and diesel cars in the UK market fell by 10.1% and 7.3% year-on-year respectively in August this year, but these two types of cars together still accounted for 56.8% of total new car sales; registrations of plug-in hybrids fell by 12.3% year-on-year and accounted for a 6.8% share of the UK car market; however, sales of hybrid-electric vehicles (HEVs) rose by 36.1%, accounting for 13.8% of the UK car market.
Meanwhile, registrations of purely electric vehicles in the UK rose by 10.8% year-on-year in August as carmakers offered significant discounts over the summer and a range of new models appealed to buyers came to market, taking their market share to 22.6% – the highest monthly level since December 2022, when purely electric vehicles accounted for 32.9% of all new cars sold.
To date, the market share of purely electric vehicles has risen slightly to 17.2%, plus it is expected to rise further by the end of the year due to the increased choice of electric models.
The Society of British Automobile Manufacturers and Traders forecasts that new car sales in the UK will reach 2 million this year, of which about 364,000 will be pure electric vehicles, accounting for about 18% of the UK’s car market share.
However, despite the fact that pure electric vehicle sales in the UK are set to increase this year, they will still fall short of the 22% market share required by the Zero Emission Vehicle Regulations. If automakers fail to meet the regulations, they may face hefty fines.
As a result, in the run-up to October 30th, the Society of British Automobile Manufacturers and Traders is calling for, “We need to take urgent action to boost the UK electric vehicle market. For example, increasing the number of public charging posts to match industry’s mandatory targets; reintroducing incentives for individual buyers; and removing unfavorable measures such as Vehicle Excise Duty (VED) and Extra Service Charges for expensive cars, which are due to be introduced in 2025.”