October’s new car market grew by 14%, marking the best performance for the month since 2018, according to the latest figures from the Society of Motor Manufacturers and Traders.
Electrified vehicle sales continued to accelerate, accounting for 37% of new car registrations – plug-in hybrid vehicles recorded the highest growth, up 60%, and full electric vehicle uptake increased to 20% – taking BEV market share to 15%, a small rise from last year.
A significant increase in charge points were recorded but the vast majority of these were in London and the Southeast. The SMMT says action should be taken to ensure more equitable distribution and pricing for public charging, suggesting: ‘ Reducing VAT on public charging to match home use would mean those unable to install their own chargepoint would avoid paying four times the tax paid by those who can’. Mike Hawes, SMMT Chief Executive, said, “With demand for new cars surpassing pre-pandemic levels in the month, the market is defying expectations and driving growth.
As fleet uptake flourishes, particularly for EVs, sustained success depends on encouraging all consumers to invest in the latest zero emission vehicles. The Autumn Statement is a key opportunity for government to introduce incentives and facilitate infrastructure investment. Doing so would send a clear signal of support for drivers, reassuring them that now is the time to switch to electric.”