Electric car sales experienced a notable surge in October, with a 24% increase compared to the previous year, constituting over 20% of the new vehicle registrations market. This growth can be attributed to manufacturers offering extensive discounts on electric models in a bid to meet government zero-emission targets. In contrast, new car registrations as a whole decreased from 153,000 to 144,000 last month, with petrol and diesel sales declining as manufacturers focused on promoting electric vehicles.
The Society of Motor Manufacturers and Traders (SMMT) reported that the sale of pure electric vehicles reached nearly 29,000 units in October, up from 24,000 in the same period a year earlier. This increase in sales for zero-emission vehicles stands out as the sole category to exhibit growth, indicating a significant consumer shift towards electric vehicles. Manufacturers have not only reduced prices on electric models but also noted selling them for about 12% less than the previous year to clear stock and drive EV adoption rates.
Acknowledging the impact of extensive discounting to reach zero-emission targets, Ian Plummer, the commercial director of Auto Trader, highlighted the industry's move towards electric vehicles, resulting in reduced sales of petrol and diesel cars. Despite Tesla's dominant position in the UK market, the company witnessed a significant 63% drop in October sales, allowing other brands such as BMW, Mercedes-Benz, and Audi to gain momentum in the EV segment. Richard Alvin, Managing Editor of Electric Vehicles magazine EV Powered, emphasized the UK's promising position in the electric vehicle market, projecting that one out of every five cars sold next year could be electric. With the zero-emission vehicle mandate in the UK becoming stricter in 2025, the country is poised to lead in Europe's electric vehicle market due to competitive pricing strategies and tariff exemptions on electric models.