New car registrations DOWN in November by 1.9% – but EV numbers UP driven by big discounts

In November 2024, new car registrations in the UK fell by 1.9%, but EV registrations rose due to big manufacturer discounts.

New car sales in the UK haven’t exactly been flying in 2024 in the face of a cost of living crisis, high interest rates and a general feeling of malaise in the economy, and numbers for November pretty much follow the trend.

Overall, numbers are down by 1.9% compared to November 2023, with registrations to private buyers down by 3.3% (just 38.1% of the total) and Fleet buyers down by 1.1% (59.9% of the market).

Sales of petrol cars fell by 17.7% and diesel by 10.1%, with Hybrid and PHEV numbers also falling, by 3.6% and 1.2% respectively, despite which petrol-engined sales are still the biggest part of the market with a 45.8% share.

Despite the contraction in the market, BEV sales rose significantly, up by 58.4% compared to last year to 38,581 for a 25.1% market share, driven to a large extent by huge manufacturer discounts, as well as tax breaks for business buyers and, perhaps, a shortage of availability of ICE cars persuading some to opt for an EV.

Despite the strong BEV numbers for November – just the second month this year in which BEV numbers have been above the mandated 22% – it looks like the numbers for the whole of 2024 will be below 19%, leading to a chunk of hefty fines for non-complying car makers.

Mike Hawes, SMMT CEO, said:

Manufacturers are investing at unprecedented levels to bring new zero emission models to market and spending billions on compelling offers. Such incentives are unsustainable – industry cannot deliver the UK’s world-leading ambitions alone. It is right, therefore, that government urgently reviews the market regulation and the support necessary to drive it, given EV registrations need to rise by over a half next year. Ambitious regulation, a bold plan for incentives and accelerated infrastructure rollout are essential for success, else UK jobs, investment and decarbonisation will be at further risk.