Electric car sales surge in Waterford by 50% but car market has not hit pre-Covid levels

Electric car sales are up by almost 50% on the same time last year, latest industry figures show. 

There were 658 new cars registered in Waterford in the first three months of 2023. 

Of these, 191 were electric, up from 127 in the same period in 2022.This represents a 50.39 per cent increase in the sale of electric vehicles  in Waterford when compared with the first three months of 2022. 

The Society of the Irish Motor Industry (SIMI) released their official 231 new vehicle registrations statistics for March this week.

New car registrations for the month of March were up 37%, a total of 17,676, when compared to March 2022 - 12,907. Registrations year to date are up 16.5% - 58,116 - on the same period last year - 49,905. 

Light Commercial vehicles (LCV) are up 71.4% - a total of 3,453 compared to March last year, 2,015 and year to date are up 24% - 11,587. HGV (heavy goods vehicle) registrations are also showing an increase of 26.4% - 273,  in comparison to March 2022 - 216. Year to date HGV's are up 42.6% - 964.

Imported Used Cars saw a 23.9% - 4,699 -  increase in March 2023, when compared to March 2022 - 3,793. Year to date imports are up 7% - 12,474 on 2022 (11,639).

For the month of March 3,421 new electric vehicles were registered compared to 1,924 in March 2022. So far this year 9,303 new electric cars have been registered in comparison to 6,235 +49% on the same period 2022.

Electric Vehicle and Plug-in Hybrids and Hybrids continue to increase their market share, with a combined market share now of 24%. Petrol continues to remain dominant (32.6%), with diesel accounting for 22.8%, Hybrid 20.6%, Electric 16% and Plug-in Electric Hybrid 8%.

Brian Cooke, SIMI Director General said: “New car registrations for the month of March indicate a strong performing market with a 37% increase on the same month last year. However, some of this increase is due to the fulfilment of the backlog of orders built up since the start of the year. The March market means that Q1 new car sales of 58,116 are 16% ahead of last year, but still 9% behind pre-COVID 2019.

“Commercial vehicle registrations for both the heavy and light sectors have also delivered a strong performance during Q1. The momentum behind electric vehicles shows no sign of abating, with 9,303 new electric cars registered to date in 2023, an increase of 49% on 2022.

“The Government’s temporary change to Benefit-in-Kind regime for the current year, is very much welcomed by both employees and the Industry, and will no doubt encourage the company car EV market. It is vital that this enhanced threshold is extended out beyond this year. On the other hand, the decision to reduce the electric vehicle car grant for the July registration period is extremely disappointing at this still relatively early stage in the EV project.

“It is important to underline however, that in addition to the grant support, there is still VRT relief for many EVs as well as low annual road tax, which along with the home charger grant means there is still a very strong basket of incentives available for those considering the purchase of an electric vehicle. It is important that there is no further diminution of these EV supports over the next couple of years.”