UK new car registrations hit 'million motors' mark in H1
More than 1.0m new motorcars hit British roads throughout the first six months of 2024 for the first time since the Covid-19 pandemic, according to the Society of Motor Manufacturers and Traders.
New car registrations rose 1.1% in June to reach 179,263 units. As a result, year-to-date registrations were up 6.0% year-on-year at 1,006,763, hitting the "million motors" mark at the halfway point of the year, but were still down 20.7% on 2019's level.
Last month's market growth was mostly driven by the fleet sector, with uptake up 14.2%, while private demand fell for a ninth straight month, down 15.3%. Retail buyers made up 37.7% of new cars registered.
Electric vehicle grew "robustly" in June, with plug-in hybrid volumes rising 30% to account for a 9.3% market share, while hybrid vehicle registrations rose 27.2% to make up 14.9% of the market.
The SMMT added: "With the UK heading to the polls today, the automotive industry calls on the next government to provide greater support to the consumer on the journey to zero-emission mobility. Re-instating fiscal incentives for the private consumer by way of a halving of VAT on BEVs for three years would re-energise the market, putting an additional 300,000 private BEVs – rather than petrol or diesel cars – on the road over the next three year, on top of current outlooks. This would help ensure that in 2035, half of all cars in use would be zero emission, cutting road transport CO2 emissions by 175.0m tonnes between now and then."
Reporting by Iain Gilbert at Sharecast.com