The automotive industry has achieved a significant milestone with twenty consecutive months of growth, as stated by Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA). The latest SMMT new car registration figures have revealed a 10.4% increase in March, with a total of 317,786 new cars registered compared to the same period last year. However, sales to private buyers saw a decrease of -7.7%, while fleet registrations experienced a substantial increase of 29.6%.
Notably, electric vehicles showed significant growth, with battery electric vehicles (BEVs) increasing by 3.8% to 48,388 units, plug-in hybrid (PHEVs) registrations rising by 7.7% to 24,517 units, and hybrids (HEVs) following suit with a growth of 19.6% to 44,550 units. The number of registered BEVs on the road in 2024 has also increased by 10.6% compared to the previous year.
However, while electric vehicle sales are on the rise, there has been a decline in diesel cars, falling from 23,968 units to 23,312 units, and a rise in petrol cars from 162,046 units to 177,019 units.
Despite the positive growth in the sector, Sue Robinson expressed disappointment in the lack of support for the industry in the recent Spring Budget. She highlighted the absence of price incentives for electric vehicles, particularly in light of manufacturers striving to meet the targets outlined by the ZEV mandate. Robinson also emphasized that private demand continues to lag behind fleet, and called for incentives to encourage private buyers.
The NFDA remains committed to advocating for the industry and addressing current issues to ensure the best outcomes for dealers and consumers.
Source: Manufacturing & Engineering Magazine