New car registrations UP in September – but by only 1.0%

New car registrations in the UK rose in September 2024 by 1.0%, with record BEV registrations driven by massive discounts.

September is traditionally the second-best new car sales month, and September 2024 saw new car registrations rise, by just 1.0%, the best numbers since 2020 but still almost 20% below pre-Covid numbers.

As has been the case for some time, the numbers are driven by Fleet sales – which were up by 3.7% for a market share of 54.2% – with private sales falling by 1.8%.

In terms of fuel market share, PHEVs had a good month, up by 32.1% for an 8.9% market share, with Hybrid numbers up by 2.6% for a 14.2% market share, and petrol and diesel numbers down by 9.3% for a combined market share of 56.4%.

BEV sales did well in September – up by 24.4% for a 20.5% market share (up from 16.6% last year) – although year to date the numbers were a market share of 17.8%, well below the mandated target for this year.

As we’ve seen in previous months, BEV numbers are driven by Fleet sales which accounted for 75.9% of registrations, and although private BEV sales did rise by 3.6%, private BEV demand is down by 6.3% year to date.

Mike Hawes, SMMT CEO, said,

September’s record EV performance is good news, but look under the bonnet and there are serious concerns as the market is not growing quickly enough to meet mandated targets. Despite manufacturers spending billions on both product and market support – support that the industry cannot sustain indefinitely – market weakness is putting environmental ambitions at risk and jeopardising future investment. While we appreciate the pressures on the public purse, the Chancellor must use the forthcoming Budget to introduce bold measures on consumer support and infrastructure to get the transition back on track, and with it the economic growth and environmental benefits we all crave.