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

Future Retirement Success

Business

UK car market sees first million sales since pandemic, driven by hybrids over fully electric vehicles

by July 4, 2024
July 4, 2024
UK car market sees first million sales since pandemic, driven by hybrids over fully electric vehicles

The UK car market has reached a significant milestone, with new car registrations surpassing one million in the first half of 2024, the first time this has happened since before the pandemic in 2019.

This resurgence includes a notable rise in the market share of electric vehicles. However, sales of plug-in hybrids and petrol hybrids have outpaced those of fully electric cars.

June’s monthly figures showed a slight deceleration in overall growth, with 179,263 new vehicles registered—a modest 1% increase compared to June of the previous year. Despite this, the first half of 2024 saw a 6% rise in new car sales compared to the same period last year, totalling 1,006,763. Yet, this figure is still down by 20.7% from 2019 levels.

The data reveals a significant shift in buyer demographics, with private purchasers now accounting for a historically low 38% of the market. In contrast, fleet and business buyers are taking advantage of fiscal incentives and subsidies to invest in lower-emission vehicles.

Mike Hawes, Chief Executive of the Society of Motor Manufacturers and Traders (SMMT), praised the market’s ongoing recovery post-pandemic but warned of future challenges. He emphasised the need for supportive policies to revitalise the shrinking private consumer market and expedite the transition to zero-emission vehicles.

Hawes stated, “The private consumer market continues to shrink against a difficult economic backdrop, but with the right policies in place, the next government can re-energise the market and deliver a faster, fairer zero-emissions transition. All parties are agreed on the need to cut carbon, and replacing older fossil fuel-based technologies with new electrified powertrains is the essential step to achieving that goal.”

Petrol engine-only vehicles continue to dominate but their market share fell to just over 50% in June. Battery electric vehicles saw a 7.4% increase in sales in June, representing 19% of the market. For the first half of the year, electric vehicles accounted for 16.6% of the market, a slight increase from 16.1% in the same period last year.

The market dynamics are influenced by some major brands reducing their petrol vehicle supplies to boost electric vehicle sales. Both Ford and Stellantis, which includes Vauxhall, have cut back on petrol vehicle supplies to avoid fines under the new zero-emissions vehicle mandate, which requires 22% of each manufacturer’s deliveries to be electric in 2024. This has resulted in significant sales declines for both companies.

Tesla, historically the UK’s leading electric car brand, saw a near 12% decline in sales. This downturn was partially offset by an increase in sales of electric vehicles from Chinese manufacturers like MG and BYD, with MG capturing nearly 4.3% of the market and BYD showing strong growth.

Despite these challenges, the market’s transition towards lower-emission vehicles is evident, with hybrids and plug-in hybrids showing substantial sales increases. Plug-in hybrid sales surged by 30% in June, capturing over 9% of the market, while hybrid sales rose by 27%, accounting for nearly 15% of the market.

Read more:
UK car market sees first million sales since pandemic, driven by hybrids over fully electric vehicles

0
FacebookTwitterGoogle +Pinterest
previous post
Dragons’ Den star Peter Jones’ camera chain Jessops faces closure over unpaid taxes
next post
New Poll: 74% Worry Americans Could Lose Our Freedoms If We’re Not Careful

You may also like

Farnborough Airshow 2024 secures £13bn in deals for...

July 26, 2024

Disney drops bid to use Disney+ contract to...

August 20, 2024

Nadhim Zahawi sacked as Tory chairman by Rishi...

January 29, 2023

UK inflation eases to 9.9% but remains close...

September 14, 2022

Royal Mail ‘considering £430m swoop for Czech rival’

December 13, 2023

HMRC brought in £5.8bn from investigations into individuals...

January 25, 2023

GPTMain News Launches an AI-Powered News Feed Bot

August 15, 2023

Kansino is building a online casino brand in...

October 17, 2023

How Employers Can Attract Younger Generations into their...

September 5, 2023

Boris Johnson rules out immediate cost-of-living measures

August 9, 2022

    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

    • Jeremy Hunt ‘made a mistake’ targeting non-doms, says shadow business secretary

      June 27, 2025
    • Small firms raise alarm over Companies House rule change forcing profit disclosure

      June 27, 2025
    • UK vehicle production slumps to lowest May level since 1949 as tariffs bite

      June 27, 2025
    • 420,000 more pensioners dragged into income tax net as threshold freeze bites

      June 27, 2025
    • SMEs cautiously optimistic despite trade fears and AI talent gap, says Vistage

      June 27, 2025
    • Alibaba launches £750,000 pitch competition for UK and European SMEs

      June 27, 2025

    Categories

    • Business (8,322)
    • Investing (2,074)
    • Politics (15,824)
    • Stocks (3,172)
    • 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