The UK new car market fell -1.0% to 84,054 units in February, the fifth consecutive month of decline.
There was a 4% reduction in fleet registrations, which have driven previous market growth. Private registrations rose by 4.6% to slightly increase overall market share to 35.6%, while the smaller business sector rose by 3.3%, according to figures from the Society of Motor Manufacturers and Traders (SMMT).
Electrified vehicle uptake continued to grow, with plug-in hybrid vehicles (PHEVs) rising 19.3% and hybrid electric vehicles (HEVs) up 7.9%.
Battery electric vehicle (BEV) registrations were up by 41.7% to 21,244 units, securing a 25.3% market share compared with 17.7% a year ago.
The SMMT said increase compared with the rest of the market was unsurprising considering the forthcoming tax changes in April, which will see many EV models subject to the vehicle excise duty expensive car supplement (ECS) for the first time.
It added that next month is likely to see a further surge in EV uptake, as buyers capitalise on the new ’25 plate and take their last chance to avoid the ECS.
Mike Hawes, SMMT chief executive, said: “Although February’s figures show a subdued overall market, the good news is that electric car uptake is increasing, albeit at huge cost to manufacturers in terms of market support.
“It is always dangerous, however, to draw conclusions from a single month, especially one as small and volatile as February. With the all-important March number plate change now upon us, and tax changes taking effect in April that will, perversely, dissuade EV purchases, we expect significant demand for these new products next month – but, long term, EV consumers need carrots, not ever more sticks.”
