05 JULY 2023.New car registrations rise 25.8% to 177,266 units in 11th consecutive month of growth.BEV market grows 39.4% in June as industry calls for VAT cut on public charging to accelerate uptake.949,720 new cars registered in first half of 2023 – up 18.4% year on year – as supply chain shortages ease..The new car market grew 25.8% in June with 177,266 vehicles registered, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). The June performance marks the 11th consecutive month of growth as the industry gradually overcomes the pandemic-induced supply chain shortages that constrained production for much of the previous two years. With waiting times easing and pent-up demand being met, the sector is a rare bright spot in a gloomy economic landscape even though overall market volumes remain below pre-pandemic levels.1Growth in the month was driven predominantly by large fleet registrations, up 37.9% to 92,699 units, reflecting the normalisation of supply. Private demand grew more modestly, up 14.8% to 79,798 units..Deliveries of petrol cars increased 22.7%, to remain the most popular powertrain, while those of hybrids (HEVs) and plug-in hybrids (PHEVs) also rose, by 40.1% and 65.5% respectively. Diesel registrations were down -13.5%.2 Battery electric vehicle (BEV) registrations, meanwhile, grew again, with the segment up 39.4% as 31,700 buyers chose to get behind the wheel of a zero emission car – 17.9% of the total market. It is business and fleets, however, rather than private buyers, that continue to drive this growth, thanks to the attractive fiscal incentives on offer. Although manufacturers are offering a range of BEV deals for private buyers, including flexible subscription models and attractive finance rates, more could be done by other stakeholders to make purchasing even more compelling..Almost a million (949,720) new cars joined UK roads in the first six months of 2023, with total registrations up 18.4% and BEV uptake at record levels with 152,968 deliveries so far this year – some 13 times greater than the same period in 2019.3 BEV market share for 2023 is now 16.1% but, with a zero emission vehicle mandate requiring 22% BEV registrations per manufacturer due to come into force in less than six months’ time, more needs to be done to accelerate the transition..Click the link below to read the full press release.New car market powers up as industry calls for VAT cut on EV public charging
