Many press reports out today after the SMMT publish October car sales data.
This is money report:
Electric car sales continue to falter: Demand last month dwindled and manufacturers risk falling short of costly EV targets
SMMT report:
October new car market beats pre-pandemic levels but subdued EV growth hinders green goals
- October delivers 153,529 new car registrations, up 14.3% year-on-year and 7.2% above 2019.
- Battery electric vehicle (BEV) uptake records 42nd consecutive month of growth but struggles to increase market share, while chargepoint rollout improves in efforts to get ahead of need.
- New market outlook revised upwards to 1.886 million units with further growth anticipated in 2024, but BEV uptake expectations downgraded slightly.
What is really happening?
Electrified vehicle uptake continued to accelerate in October accounting for 37.6% of all new car registrations.
Hybrid electric vehicles (HEVs) grew 24.6% to reach 19,574 units, while plug-in hybrid vehicles (PHEVs) recorded the highest proportional growth, up 60.5% to 14,285 registrations.
Battery electric vehicle (BEV) uptake increased for the 42nd month in a row, by 20.1% to 23,943 units. Year to date, BEV volumes have risen 34.2% to account for 16.3% of new registrations this year, up slightly from 14.6% this time last year.
Sales are not dropping as reported in the Sun, in fact sales have grown for the last 42 months. The Tesla Model Y is the 5th best selling car year to date in the UK.
Source: SMMT website
