New car registrations DOWN in October by 6% – but EV numbers UP

New car registrations in the UK in October 2024 fell by 6.0%, but EV sales rose by 24.5% for a market share of 20.7%.

In the traditionally buoyant sales month of August, new car registrations in the UK rose – but only by 1.0% – following a drop in numbers in August.

Now, we’re past the plate-change bubble and new car registration numbers fall again – this time by 6.0% – to 144,288, this time around with all sectors showing a drop – even fleet numbers – with private numbers down by 11.8%, a two-year trend, and Fleet numbers down by 1.7%.

The drop was driven by falls in petrol and diesel registrations – down by 14.2% and 20.5% respectively – but hybrids and PHEV numbers were also down, by 3.2% and 1.6%, with BEVs the only registration rising, with 24.5% growth delivering a 20.7% market share.

The SMMT believes the growth for EVs is driven by an increased choice for buyers – 125 different models are now on sale in the UK – as well as massive and unsustainable manufacturer discounts.

But we do wonder if car makers are starting to reduce the supply of ICE models to try and get the daft, mandated 22.0% EV registrations this year to avoid heavy fines, skewing the market and raising the market share for EVs. 

SMMT doesn’t say, but it seems likely that the vast majority of BEV sales were to Fleets – it’s been around 80.0% for much of this year – with private buyers not prepared to take the risk of buying a new EV and losing half their money as soon as the wheels hit the road.

Mike Hawes, SMMT CEO, said

Massive manufacturer investment in model choice and market support is helping make the UK the second largest EV market in Europe.

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.