Home Business NewsBusinessAutomotive News Number of new cars registered in October increases by 14.3%

Number of new cars registered in October increases by 14.3%

by LLB staff reporter
6th Nov 23 10:50 am

The new car market increased by 14.3% in October new figures from the Society of Motor Manufacturers and Traders (SMMT) shows.

In October there was a total 153,529 new cars registered compared to 134,344 for the same period last year, according to the SMMT.

The forecast for pure battery registrations in July said there will be 1,847,000 for 2023 and 1,951,000 in 2024, but the forecast for pure battery electric new cars for 2023 has been downgraded from 440,000 to 439,000.

Last month the market share of pure battery electric new cars was 15.6% up from 14.8% the year before.

SMMT chief executive Mike Hawes said: “With demand for new cars surpassing pre-pandemic levels in the month, the market is defying expectations and driving growth.

“As fleet uptake flourishes, particularly for EVs (electric vehicles), sustained success depends on encouraging all consumers to invest in the latest zero emission vehicles.

“The autumn statement is a key opportunity for government to introduce incentives and facilitate infrastructure investment.

“Doing so would send a clear signal of support for drivers, reassuring them that now is the time to switch to electric.”

Ian Plummer, commercial director at online vehicle marketplace Auto Trader, said: “With ever-growing zero-emission vehicle mandate requirements looming, manufacturers will be using every tool they can to increase new electric sales.

“Currently, our research shows over two-thirds of new electric cars are enjoying some kind of offer.

“By combining discounts and finance offers on the table, new electric car monthly payments are getting ever closer to petrol and diesel.

“This, paired with the potential £153 saving per 1,000 miles when fuelling an electric car, mean that right now it’s a great time to consider going electric.

“If calls for delays to the rules of origin requirements are heeded, we can hope to see some significant growth in private new electric car sales over the coming months.”

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