David Borland, EY UK & Ireland Automotive Leader, comments on the Society of Motor Manufacturers and Traders (SMMT) new car registration figures for August 2023:
“There were 85,657 new car registrations in August, representing a 24.4% year-on-year increase. This was a thirteenth successive month of growth which demonstrates the strength and resilience of the UK’s automotive sector against a persistently challenging economic backdrop and stubborn headwinds for manufacturers, dealers and consumers.
“Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) achieved the highest market share of the year so far, accounting for almost 28% of the market in August. Indeed, both BEVs (72.3%) and PHEVs (70%) were once again up significantly year-on-year. Fleet registrations continued to dominate the overall growth with a 58.4% increase and over 60% market share, compared to a reduction in the private market of -8.1%. This is in part due to Electric Vehicle (EV) growth for company car users and end consumers being impacted by economic challenges, despite some manufacturers continuing to prioritise lower pricing for EVs.
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