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New car registration figures announced today by the Society of Motor Manufacturers and Traders (SMMT) decreased by 6% in October year-on-year, but increased by 3.3 % year-to-date. John Cassidy, our Managing Director of Sales, has commented: “Though new registrations technically rose in October, figures are still being driven by fleet statistics, which continue to skew electric vehicle (EV) data. “Following the recent Budget, there will be hope that the fuel duty freeze will ease pressure on consumers’ wallets and stimulate demand. Many will be looking to see if announcements, such as the continuation of company car tax incentives until 2028 and the differentials in Vehicle Excise Duty, will have any impact on the demand for EVs. These announcements, coupled with the promised investment in both manufacturing and infrastructure such as charging points, will have a key role to play in making the 2030 ban on new petrol and diesel vehicles realistic." To read the full article, visit: https://lnkd.in/d6yxFgm #SMMT #newcarsales

The Times UK writes, the latest data from the Society of Motor Manufacturers and Traders (SMMT) show in April EV sales rose 10% year-on-year to capture 16.9% of the total market, a recovery after a stagnation during Q1. However, the figures show that only about 15% of EV sold went to private motorists—or just 2.5% of the total market—with the rest going to fleets or businesses that enjoy company car tax breaks. The falling take-up of EV by private motorists has prompted the SMMT to cut its zero-emission vehicle forecast for the year. The SMMT had forecast at the start of the year that 24% of all new cars registered would be zero-emission vehicles. That was above the govt’s target of 22% set out in the zero-emission vehicle mandate, which requires manufacturers to sell this proportion of zero-emissions vehicles or face potentially punitive fines. The SMMT now believes 19.8% of new sales this year will be EVs. The zero-emission vehicle mandate has already led to some manufacturers offering discounts. Notably Stellantis, slashed prices by up to 20% to boost sales and hit their targets. A total of 134,000 new cars were registered in April, just 1% higher than a year ago. That dragged down the figure for the first four months of the year, with 679,000 new cars registered, an 8.4% increase on the same months in 2023. Our Take: It's increasingly clear British consumers are far from enamored with the idea of turning over their transportation needs to EVs. What we're not clear on is who's behind these recurring fleet purchases that magically allow manufacturers to close the gap required by UK gov't mandates... avoiding big penalties? More specifically, to what extent might gov't or automakers be behind the entities making these fleet purchases. Anyone know? 🇬🇧🚘🔌👀 #uk #EVs #transportation

#NewCarSales figures announced today by the Society of Motor Manufacturers and Traders (SMMT) show that new car registrations decreased by 1.9% in November year-on-year, and increased by 2.8% year-to-date. Our Managing Director of Sales, John Cassidy, has commented: “November saw another fall in new registrations as we limp towards the end of a mixed year for vehicle sales. “Although the fuel duty freeze extension will help motorists, there are still significant headwinds facing car owners. While consumer appetite for electric vehicles (EVs) certainly won’t be improved when owners will have to pay vehicle excise duty from next year, manufacturers appear to be backtracking on electrification plans. Many are sharing concerns over the Zero Emission Vehicle mandate targets. This, along with the slow rollout of EV infrastructure, will need to be addressed urgently if the Government wishes to realistically achieve its 2035 ban on the sale of new petrol and diesel vehicles.” You can read the #SMMT’s full release here: UK new car registration data, UK car market - SMMT

A positive start to the year in the UK automotive sector, with a 10.4% increase in new car registrations compared to last year. Despite this, there are still significant challenges and uncertainties, including the impact of the Zero-Emission Vehicle (ZEV) mandate and future market conditions post-general election. Cox Automotive has raised its 2024 car registration forecast to over two million, potentially reaching 2.2 million, depending on a stronger second half of the year. This adjustment is based on Q1 performance and signs of economic stabilisation, coupled with the need for manufacturers to expand market share while adhering to ZEV obligations. Philip Nothard, Insight Director at Cox Automotive Europe notes that although the increase is promising, it still falls 17.9% short of the pre-pandemic average and 22.2% behind 2019's figures. The growth in private registrations, which are down 8% year-on-year, presents additional challenges due to their higher profitability. The introduction of the ZEV mandate, requiring an increasing share of ZEV sales leading up to the 2035 ICE ban, has significant implications. However, manufacturers can mitigate penalties through mechanisms like borrowing ZEV allowances until 2026, albeit with a 3.5% interest fee. Q1 saw EV registrations make up 15.5% of the market, a slight increase from last year. Despite the shift toward electric vehicles, consumer hesitancy remains, influenced by concerns over affordability and infrastructure. The sector faces further complications from the recent government budget, which lacked supportive measures like addressing VAT disparities on charging. There's also concern that manufacturers may redirect new vehicles to less restrictive markets due to the stringent ZEV mandate. The sector's growth is currently driven by fleet investments, while the looming election could influence the pace and nature of recovery. Cox Automotive's publication, IQ, combines their Insight Report and AutoFocus periodical, offering forecasts and expert analyses to support decision-making in the OEM, fleet, and dealer sectors. Click here to read: https://lnkd.in/eGBWt44s For more insights follow us #fleettrends #fleetmanagers #autofocus #fleet1000

The latest car registration figures announced by the Society of Motor Manufacturers and Traders (SMMT), show that new car sales increased by 1.0% in April year-on-year, and 8.4% year-to-date. Lisa Watson, our Director of Sales, has commented: “Despite significant headwinds including the fluctuating price of fuel and rising insurance premiums, the new registration figures for April reflect a robust consumer demand for vehicles as we gear up for summer. “Manufacturers may have cause for concern that the number of new petrol vehicles registered continues to outdo the sales of battery electric vehicle registrations, bringing into sharp focus the work the UK government needs to do to improve inadequate infrastructure such as charging points, and allay motorist concerns to encourage adoption. It’s vital that dealers keep abreast of consumer demand by using the tools and insights at their disposal to stock forecourts appropriately.” To read more, visit https://lnkd.in/d6yxFgm #SMMT #NewCarSales

The latest Society of Motor Manufacturers and Traders (SMMT) figures announced today show that new car sales increased by 2.5% in July year-on-year, and 5.5% year-to-date. Lisa Watson, our Director of Sales, has commented: “Though another rise in new registrations is positive, concerns still remain surrounding consumer demand. Fleet statistics continue to have a significant impact on the registrations data, especially for electric vehicles (EVs). “The high upfront cost of EVs and the lack of affordable options continues to act as a barrier for motorists contemplating the switch from petrol and diesel cars, and further investment is required to bring the charging infrastructure up to scratch. However, our research amongst EV drivers found that the overwhelming majority (92%) of those who have made the switch to EV are happy with their car and would purchase another one. And 61% have saved money on running costs. “Manufacturers and motorists will now be looking to the new government to provide new and updated incentives to encourage more people to make the change, which will be key to ensuring the Zero Emission Vehicle (ZEV) mandate is achievable.” You can read the full release here: https://lnkd.in/d6yxFgm #SMMT #newcarsales

When will electric cars reach price parity with petrol / diesel cars? To quote directly from this excellent report from New AutoMotive: 💡EV upfront costs were 12% more than petrol equivalents, not the 50% often cited. ⚖️ Upfront price parity, or payback in less than 1 year, for the electric vehicle choice in 6 out of 20 (30%) scenarios. 📊 In a further 5 out of 20 scenarios (25%), payback in 2 1⁄2 years or less. 🛞 Motorists with average mileage could save up to £7000 over the next 4 years by choosing an EV over a petrol equivalent, and a minimum of £3,000 over 4 years, whether they lease or buy by PCP or outright; more if they drive higher mileage. Thank you Ben Nelmes and team for shedding essential light on this. Electric cars not only go the extra mile, but save you money too. #electricvehicles

According to figures released today by the Society of Motor Manufacturers and Traders (SMMT), the UK used car market grew 7.2% in Q2 2024. The increase saw an additional 131,128 sales compared with the same period in 2023, and EVs in particular helped drive the surge. Our Director of Sales, Lisa Watson, has commented: “Increased levels of consumer confidence in Q2 along with an influx of stock on the market have put used cars in high demand. However, we know that this rising demand for second-hand vehicles takes place in a market fraught with complexities. “The new government is prioritising the Zero Emission Vehicle (ZEV) mandate, which requires 22% of new cars produced this year to be electric. But this is causing headaches for manufacturers as buyers are put off by the high upfront cost of many electric vehicles, amongst other concerns. Incentives and a like-for-like investment in charging infrastructure are needed to raise consumer demand for electric vehicles, which will in turn increase stock levels in the second-hand market. Otherwise, demand for used cars risks being bottlenecked around a diminishing fleet of petrol and diesel cars. Dealers will need to use all insights and tools at their disposal to keep on top of changing consumer demand to ensure their forecourts are stocked appropriately. To read the full article, visit https://lnkd.in/eRJsM93V #SMMT #UsedCarSales

UK used car sales for electric vehicles are reaching record highs. For new EV buyers, this trend highlights the growing potential for resale, indicating that as more accessible EV options come to market, they are likely to remain in demand in the secondary market as well.    SMMT reported that used battery electric vehicles (BEV) sales reached a record of 53,423 units which marked a 57% increase in the third quarter of 2024 relative to the same period last year in the United Kingdom. This represented 1 in 37 used car transactions in the quarter. The SMMT Chief Executive commented that the "demand is there at these lower price points”. As more affordable EVs are introduced in the coming months, this should further promote electric vehicle sales in Europe. #EV #lithium #LIRC https://lnkd.in/gbZN5V6n

The article states that Society of Motor Manufacturers and Traders (SMMT) forecast that electric car sales would make up 18.5 per cent of the market, a downward revision from 19.8 per cent. That is nearly 30,000 units fewer than expected, or 364,000 new electric cars versus the previous forecast of about 393,000. It forecast that electric cars will make up 23.7 per cent of the market in 2025, a downward revision from the previous estimate of 25 per cent. The target under the ZEV mandate is for 28 per cent of new cars to be zero-emission in 2025. The reduced SMMT forecasts are a warning of a slowing in the market following July sales, which rose by 2.5 per cent, the 24th consecutive month of increases since the pandemic. Of the 1.15 million cars registered in the year to date, a year-on-year rise of 5.5 per cent, only 37 per cent have gone to private buyers with the rest to fleets and businesses or company executives and workers through salary sacrifice schemes. Overall, the new car market in the UK rose by 2.5 per cent in July, the second year of consecutive growth, with 147,517 new cars on the road. It was the best performance for July since 2020, when a reopening of dealerships following four months of lockdown prompted a surge in deliveries.