The new car market in 2024 revealed winners and losers among carmakers as they battled for sales in a market skewed by the ZEV Mandate.
Car makers that found the going tough include Ford, which fell -23.7% for the year followed by Stellantis owned Vauxhall which was down -21-4% for the period, followed by Porsche (-17.5%), Fiat (-14.1%) and Suzuki ((-13.2%).
At the other end of the spectrum Renault sales rose 36.2% for the year, followed by Volvo (+32.3%), Honda (+21.2%), Cupra (+18.5%) and Mercedes-Benz (+17.1%).
New Chinese entrants to the UK market saw sales rocket from low bases. BYD was up 659% to 8,788 units, Ora was up 27.6% to 1,162 units and Omoda has sales of 3,620 from a standing start.
The SMMT called for the XEV Mandate – rules stipulating that 22% of new cars sold in 2024 be electric – be amended to reflect true demand in the market.
Mike Hawes, SMMT Chief Executive, said, “A record year for EV registrations underscores vehicle manufacturers’ unswerving commitment to a decarbonised new car market, with more choice, better range and increased affordability than ever before.
“This has come at huge cost, however, with the billions invested in new models being supplemented by generous incentives which are unsustainable.
“We need rapid results from the regulatory review and urgent substantive support for consumers – else automotive investments will be at risk and the jobs, economic growth and net zero ambitions we all share in jeopardy.”
