New data has shown electric vehicles (EVs) increased their market share in the UK new car market in October, as demand for internal combustion engine (ICE) cars continues to wane.
The latest statistics from the Society of Motor Manufacturers and Traders (SMMT) reveal that battery electric vehicles (BEVs) were the only type of car seeing a rise in uptake. October saw registrations of BEVs grow by 24.5% year-on-year, reaching a 20.7% market share, while petrol and diesel vehicles declined by 14.2% and 20.5%, respectively, while registrations of petrol and diesel vehicles, as well as hybrid and plug-in hybrid cars, dropped by 1.6% and 3.2%, respectively.
October sales of BEVs totalled 29,802, a significant drop from September 2024’s total of 56,387, which was the strongest month for BEV sales so far this year. According to the SMMT, 300,000 new BEVs have hit the road so far this year, making up 18.1% of the UK’s automotive market. While this is undoubtedly positive, it falls short of the 22% market share target for 2024.
The increase in model choice and falling costs of BEV ownership are credited as driving the rising popularity of BEVs. UK new car buyers can now choose from over 125 different BEV models, a range which the SMMT notes has grown by 38% in the past ten months alone. One in five BEV models is now cheaper to purchase than the average petrol or diesel car, and the increase in salary sacrifice plans and other finance packages further lowers the cost for potential BEV owners.
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