UK’s New car market grows for seventh month in a row

New data from the SMMT shows a nearly 30% rise in new car registrations for February 2023

New data from the Society of Motor Manufacturers and Traders (SMMT) The UK’s new car market grew by 26.2% on February 2022.

74,441 news cars were registered last month. This increase is a result of an easing of the global supply chain disruption caused by Covid-19 lockdowns.

The SMMT predicts that the new car registrations will reach 1.79 million by the end of the year, up by 11.1% on last year.

The total number of new registrations for February 2020 was just 6.5%, before coronavirus restrictions affected sales.

SMMT CEO, Mike Hawes stated: “After seven months of growth, it is no surprise that the UK automotive sector is facing the future with growing confidence. It is vital, however, that Government takes every opportunity to back the market, which plays a significant role in Britain’s economy and net zero ambition.”

“As we move into new plate month in March, with more of the latest hi-tech cars available, the upcoming Budget must deliver measures that drive this transition, increasing affordability and ease of charging for all.”

Registrations for new hybrid electric vehicles were up by 40% in February 2023 than in February 2022. However fully electric vehicles registrations was 16.5%, down from 17.7% last year.

Went combined, plugins accounted for 22.8%, or one fifth of all new cars delivered in February 2023.

Steve Gooding, director of the RAC Foundation said:

“Looked at as a barometer for the economy, this rise in overall sales looks like good news.

“But in terms of the cars we are choosing to buy, the battery-electric share of the market is disappointing given the role electric vehicles are set to play in meeting our climate change objectives.

“Unless we choose to drive less, by the end of 2030 we estimate that well over a third of all miles driven by cars must be zero emission from the exhaust.

“At the moment it is under 2%, which suggests a far more rapid take-up of pure electric models is needed.”

The slow adoption rate for electric cars could be due to a lack of charging points and recent negative feedback from owners of electric cars.

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Joseph Catley - SYPC Media Manager

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