New car registrations fall by a third in Louth in May

New car registrations in Louth for May were down 33.8% when compared to May 2023, according to the Society of the Irish Motor Industry (SIMI) official 241 new vehicle registrations statistics for May, released this week.

100 new cars were registered in Louth in May, down from 151 in May of last year. It is the third month running where there has been a fall in new car registrations in the county. For the year to date however, the total number of new car registrations exceeds 2023, with 1,695 registered so far, compared to 1,622 in the first five months of last year.

The fall in new electric car registrations in Louth also continued in May, with 214 cars registered so far this year, compared to 254 in the same period last year, representing a fall of 15.8%. 

While petrol cars remaining the most popular engine type in Louth, with 649 new cars registered in the first five months of this year, compared to 625 last year, the biggest increase was seen in petrol electric hybrids.

385 petrol electric hybrids have been registered in Louth from January to May of this year, up from 309 in the same period last year, representing an increase of 24.6%.

The biggest decreases in Louth were seen in diesel electric hybrids, which fell from 35 in January to May 2023, to 18 this year, a fall of 48.6%; and diesel/plug-in electric hybrids, which fell from 8 last year, to just one in the first five months of this year, a fall of 87.5%.

Nationally, new car registrations for May were down 15% (6,407 new registrations) when compared to May 2023 (7,545). Registrations for the year to date are up 3.8% (77,453) on the same period last year (74,612).

Light Commercial Vehicles (LCVs) declined by 22.3% (1,950) compared to May last year (2,511). Year to date LCVs are up 21.3% (19,543). HGV (Heavy Goods Vehicle) registrations are up 24.4% (265) in comparison to May 2023 (213). Year to date HGVs are up 20.2% (1,707).

Imported Used Cars have seen a 22.9% (5,514) rise in May 2024, when compared to May 2023 (4,486). Year to date imports are up 26.0% (26,207) on 2023 (20,797).

In May 1,044 new electric cars were registered, which was 39.1% lower than the 1,715 registrations in May 2023. So far this year, 10,062 new electric cars have been registered which is a 21.8% decrease compared to the same period in 2023 when 12,875 electric cars were registered.

In the new car market share by engine type for 2024, Petrol cars continue to lead the new car market at 33.30% followed by diesel at 23.06%, then hybrid (petrol electric) at 20.18%, electric at 12.99%, and plug-in electric hybrid at 8.86%. 

Commenting on the latest national figures, Brian Cooke, SIMI Director General, said:  “New car registrations show a 15% decline for May when compared to the same month last year. Year to date, new car sales remain 4% ahead of 2023. While sales of light commercial vehicles decreased by 22% in May, registrations for light and heavy commercial vehicles remain strong so far this year.

"Electric cars have seen a fourth consecutive month of decline in sales. The number of electric cars registered last month was 1,044, which is a decrease from the 1,715 registrations in May 2023. The EV share of the market now stands at 13%, which is down from 17% on last year, and is in line with 2022 market share.

"With the private consumer being the driver of EV sales in Ireland, we need to re-focus our efforts on these buyers; they need greater reassurances on their EV investment, which includes as a minimum the extension of current incentives and delivery on an electric charging infrastructure.

"We also need to encourage the company car market, where Ireland has been lagging behind other markets, and delay the phasing out of the BIK concession until such time as EVs become firmly established.”