New car market suffers in October but EVs continue push

Petrol, diesel, hybrid and plug-in hybrids all suffered, but electric sales were on the up

The UK’s new car market diminished by 6% year-on-year in October but electric vehicle sales remained healthy, according to new figures released by the SMMT. Electric cars were the only powertrain type to record increasing sales year-on-year, with petrol sales dropping 14.2%, diesel down 20.5% and hybrids and plug-in hybrids falling 1.6% and 3.2% respectively. Of course, petrol cars still dominate the overall market in the UK, taking a 50.4% market share.

The organisation also said the EV market share is “still significantly short of the 22% target for the year, and of the 28% which must be achieved in 2025” as part of the Vehicle Emissions Trading Scheme. It added that the budget, announced by new Labour chancellor Rachel Reeves at the end of October, was positive for existing electric vehicle business incentives. It also claimed that private buyers were disincentivised by changes to vehicle excise duty.

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