Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

October new car market beats pre-pandemic levels but subdued EV growth hinders green goals

by November 6, 2023
November 6, 2023
October new car market beats pre-pandemic levels but subdued EV growth hinders green goals

October’s new car market grew by 14.3% to reach 153,529 registrations, 7.2% above pre-pandemic levels and marking the best performance for the month since 2018,1 according to the latest figures from the Society of Motor Manufacturers and Traders.

The 15th month of consecutive growth was driven almost entirely by large fleet registrations, which grew 28.8% to reach 87,479 units. Private demand was stable at 62,915 vehicles, a 0.3% increase, while the much smaller business sector saw registrations fall -15.2% to 3,135 units. With the sustained increase in new car registrations, overall vehicle uptake is now up 19.6% in the first 10 months, with the market currently enjoying its best year since 2019.

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.

Given overall market growth, however, this amounted to a BEV market share of 15.6%, a relatively small rise from last year’s 14.8%. Furthermore, private registrations accounted for fewer than one in four new BEVs this year, underscoring the need for fiscal incentives for private consumers. 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.

October’s plug-in vehicle performance follows a significant increase in chargepoint rollout in Q3, which improved significantly relative to new plug-in car uptake. 4,753 new standard chargepoints came online in the quarter, the largest ever quarterly delivery. This equates to one new standard public chargepoint being installed for every 26 new plug-in cars reaching the road between July and September, improved from 38 in the same quarter last year.

However, installation was disproportionately focused on London and the South East, which received four out of five new chargepoints commissioned during the quarter – despite the region accounting for fewer than two in five new plug-in registrations during the same period. In comparison, just 13 chargers were installed in Yorkshire and Humberside, while the North actually had 105 chargers taken out of service.

With EV uptake greatly influenced by perceptions of chargepoint infrastructure availability and accessibility, action should be taken to ensure more equitable distribution and pricing for public charging. Reducing VAT on public charging to match home use would mean those unable to install their own chargepoint – typically those in flats, terraces and rented accommodation – would avoid paying four times the tax paid by those who can – typically those who own houses with off-street parking. Binding targets for chargepoint rollout, in line with those set for the car market by the Zero Emission Vehicle Mandate and supported by the necessary changes to planning and grid connections so desperately needed, would also help accelerate installation, giving consumers confidence in being able to charge when and where needed.

Mike Hawes, SMMT Chief Executive, said, “With demand for new cars surpassing pre-pandemic levels in the month, the market is defying expectations and driving growth. As fleet uptake flourishes, particularly for EVs, sustained success depends on encouraging all consumers to invest in the latest zero emission vehicles. The Autumn Statement is a key opportunity for government to introduce incentives and facilitate infrastructure investment. Doing so would send a clear signal of support for drivers, reassuring them that now is the time to switch to electric.”

The latest market outlook has been revised upwards to reflect market growth higher than expected. Overall new car registrations are anticipated to reach 1.886 million by the end of the year, a rise of 2.1% on July’s expectations. However, expectations for BEV uptake have been downgraded again slightly, by -1.7% to 324,000 units resulting in an expected market share at year end of 17.2%.

Looking ahead to next year, the overall market outlook for 2024 is marginally more positive than previously anticipated, up 1.0% to 1.970 million units (a 4.4% rise on the 2023 outlook). With an absence of consumer incentives and an overwhelming dependency on fleet registrations for growth, however, BEV market share outlook has been revised down slightly to an expected market share of 22.3%, despite registrations expected to reach 439,000 units, a 35.5% increase over 2023.

Read more:
October new car market beats pre-pandemic levels but subdued EV growth hinders green goals

0
FacebookTwitterGoogle +Pinterest
previous post
House oversight chair promises subpoenas for Joe, Hunter Biden: ‘Tax cheat’
next post
Natwest upgrades AI chatbot to provide ‘human interaction’ amid branch closures

You may also like

Rayner clashes with business secretary over reforms to...

September 16, 2024

Skoda overtakes Tesla in Europe as EV buyers...

June 25, 2025

Specialized translation services offered by agencies

March 28, 2024

JP Morgan boss Jamie Dimon: The world is...

October 13, 2023

Electric car prices slashed as manufacturers push to...

November 6, 2024

Explore new opportunities for $100,000 in passive income...

February 14, 2025

London restaurant chain faces criticism as it replaces...

April 5, 2024

Taxpayer support for Sheffield Forgemasters hits £400m just...

May 26, 2025

10 sustainable travel stats that matter

August 16, 2022

Archangels secures £12m co-investment agreement with British Business...

July 31, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Bill Gates met with Trump to talk ‘importance of US global health programs and health research’: spox

      August 28, 2025
    • Trump asks SCOTUS to uphold freeze on billions in USAID payments

      August 27, 2025
    • Three Years of Sounding the Debt Alarm at Cato and on the Debt Dispatch

      August 27, 2025
    • Trump Administration Rightly Attacks EU Tech Regulations but Tariffs and Censorship at Home Harm Americans 

      August 27, 2025
    • White House demands all Gaza hostages return home ‘this week’ amid stalled talks

      August 27, 2025
    • Bankruptcy, Hell, and Exit Barriers

      August 27, 2025

    Categories

    • Business (8,897)
    • Investing (2,246)
    • Politics (16,502)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved