BEV growth driven by fleet purchases

Electrified vehicle uptake continued to grow in September, with battery-electric vehicles (BEVs) recording its 41st consecutive month of growth as plug-in hybrid vehicles (PHEVs) and hybrid electric vehicles (HEVs) were also up, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).

Some 45,323 BEVs were registered, which was an 18.9% uplift..PHEVs were up 50.9% to take a 6.8% market share and HEVs were up 30.7% to account for 13.9% of all registrations.

BEV volume increases were driven by fleet purchases, which rose by 50.6% as buyers were drawn to the advanced technology, outstanding performance, reduced environmental impact and compelling tax incentives.

But private BEV registrations fell 14.3%, underlining the importance of providing motorists with purchase incentives and other mechanisms to stimulate demand.

Overall, the UK new car market grew 21.0% in September with 272,610 registrations in the month. The news meant there had now been 14 consecutive months of growth with last month the second busiest of the year after March.

Growth continued to be driven by large fleets, which rose 40.8% to 143,256 units to reach a market share of 52.5%. This represents a market rebalancing after constrained supply in 2022 restricted deliveries to business and fleet customers.

Mike Hawes, SMMT Chief Executive, said: “A bumper September means the new car market remains strong despite economic challenges. However, with tougher EV targets for manufacturers coming into force next year, we need to accelerate the transition, encouraging all motorists to make the switch.

“This means adding carrots to the stick – creating private purchase incentives aligned with business benefits, equalising on-street charging VAT with off-street domestic rates and mandating chargepoint rollout in line with how electric vehicle sales are now to be dictated. The forthcoming Autumn Statement is the perfect opportunity to create the conditions that will deliver the zero emission mobility essential to our shared net zero ambition.”

Image from Shutterstock

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