Fall in new car registration in Louth continues

Louth saw a fall in new car registrations again in April compared to the same month last year according to the latest figures released by the Society of the Irish Motor Industry (SIMI), after having already seen a 14% fall in March.

149 new cars were registered in Louth in April 2024, down from 160 in April 2023 and representing a fall of 6.9%. Overall this year however, the number of new cars registered in Louth remains higher than last year, with 1,595 registered in the first four months compared to 1,481 in the first four months of last year.

The number of electric vehicles (EVs) registered in Louth in the first four months of 2024 has also fallen compared to last year, with 189 cars registered from January to April 2024, compared to 215 in 2023. Petrol engines remain the most popular, with 622 new cars registered in the first four months in Louth, compared to 570 in 2023, representing an rise of 9.1%.

There has been a sizeable increase however, in the number of petrol electric hybrids registered in Louth this year. 360 were registered in the first four months of 2024, compared to 293 last year, representing an increase of 22.9%.

Nationally, according to SIMI, new car registrations for April were down 3.6% (8,591 vehicles) when compared to April 2023 (8,912). Registrations year to date are up 6.0% (71,110) on the same period last year (67,063). 

Light Commercial vehicles (LCVs) increased by 3.0% (2,212) compared to April last year (2,148). Year to date LCVs are up 29.0% (17,543). HGV (Heavy Goods Vehicle) registrations are up 37.2% (332) in comparison to April 2023 (242). Year to date HGVs are up 19.5% (1,442).

Imported Used Cars have seen a 35.6% (5,206) rise in April 2024, when compared to April 2023 (3,838). Year to date imports are up 26.9% (20,694) on 2023 (16,311).

In April 1,091 new electric cars were registered, which was 41.4% lower than the 1,863 registrations in April 2023. So far this year 9,028 new electric cars have been registered which is a 19.1% decrease compared to the same period in 2023 when 11,160 electric cars were registered.

In the new car market share by engine type for 2024, petrol cars lead the new car market at 32.92%, followed by diesel at 23.56%, then hybrid (petrol electric) at 20.44%, electric at 12.70%, and plug-in electric hybrid at 8.76%.

Commenting on the latest figures, Brian Cooke, SIMI Director General said: “April new car registrations saw a decrease of 3.6% when compared to the same month last year. Despite the softening in demand for new cars in recent weeks, year to date new car sales remain 6% ahead of 2023.

"Sales of light and heavy commercial vehicles continued to grow both in April and year to date. The Electric Vehicle segment experienced another month of decline in registrations, a trend which is being replicated across most EU markets. With the supply of new EVs no longer an issue, and with an increasing number of brands and models present in the EV segment, the drop in EV sales is demand driven.

"In Ireland private consumers have been the key drivers of the EV market, and these buyers need greater re-assurances to be convinced to make the change. This means rapid investment by the Government in a reliable, convenient, and affordable electric charging infrastructure, while at the same time extending current incentives such as the purchase grant.

"For businesses and their employees, extension of the Benefit-In Kind (BIK) relief and thresholds at current levels beyond 2024, will create greater confidence that an EV is the right choice for their companies”.