EVs drive UK new car market to 20-year high

EVs drive UK new car market to 20-year high

In February, the UK’s new car market experienced its strongest performance in twenty years, witnessing a 14.0% rise in registrations to 84,886 units, with notable growth in EVs uptake

The UK’s automotive sector saw notable growth in February with a 14.0% increase in new car registrations, reaching 84,886 units, the highest since 2004, according to data from the Society of Motor Manufacturers and Traders (SMMT).

There was a significant uptick in demand for electric vehicles (EVs), particularly in the battery electric vehicle category, which accounted for 17.7% of total registrations, with most of this growth attributed to fleet purchases.

Hybrid electric vehicle registrations increased by 12.1%, although their year-on-year market share slightly decreased to 12.7%.

Plug-in hybrids saw the most significant proportional growth, rising by 29.1% to capture 7.2% of the market.

Mike Hawes, SMMT Chief Executive, said: “The new car market’s ability to deliver growth continues with its best February for 20 years and this week’s Budget is an opportunity to ensure that growth is greener.

“Tackling the triple tax barrier as the market embarks on its busiest month of the year would boost EV demand, cutting carbon emissions and energising the economy. It will deliver a faster and fairer zero emission transition, putting Britain’s EVs ambition back in the fast lane.”

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