New car registrations rise for 11th consecutive month in October with 5.4% growth
Electric vehicles now command a 32% share of the market
New car registrations rose for the 11th consecutive month in October, with electrified vehicles helping drive demand.
In all, the market rose by 5.4 per cent with a total of 152,730 vehicles registered during October.
New figures from the Society of Motor Manufacturers and Traders (SMMT) show that plug-in hybrids and electric vehicles accounted for all of the growth during the month, rising by 30.1 and 32.7 per cent, respectively.
This means that electric vehicles now account for 32 per cent of the market – the highest share this year. Registrations of ‘regular’ hybrids, meanwhile, fell by five per cent, representing the second month of decline.
Mike Hawes, SMMT Chief Executive, said, “Almost one in three new cars registered in October was electric – great progress in the transition, but one that comes at enormous cost. The industry and government are spending billions to help drivers switch, but that support cannot be sustained indefinitely with the gap to mandated targets set to more than double by 2028, just as a new EV-only tax is introduced.
“Higher targets may force supply, but they do not create demand. The ZEV Mandate review must deliver substantive reform effective immediately to ensure we have a healthy market and an attractive pitch to investors.”
Overall, more than half a million electric vehicles have been registered so far this year, up 30.4 per cent from a year ago.
Despite this, the SMMT predicts that overall electric vehicle market share will settle at 27.2 per cent for the year, some way short of the 33 per cent ZEV Mandate target set out by the government.