UK new car sales have surged to their highest level in twenty years this February, marking a significant milestone in the automotive sector. Corporate entities have played a pivotal role in driving this growth, particularly through the acquisition of electric vehicles for their fleets. However, amidst this success, there’s a contrasting trend as private adoption of EVs experiences a decline.
In terms of electrified vehicles, there was significant growth. Hybrid electric vehicle sales increased by 12.1%, though their market share slightly decreased to 12.7%. Plug-in hybrids experienced the largest surge, with a 29.1% rise, now constituting 7.2% of the market. Battery electric vehicles (BEVs) also saw impressive growth, up by 21.8%, capturing 17.7% of registrations, outpacing the rest of the market.
CT Automotive plc (LON:CTA) designs, develops and manufactures automotive interior finishes and complex kinematic assemblies for the most well-known automotive brands on the planet. These critical components are managed through an intricate global network of reactive supply chains to arrive JIT (Just in Time) at their respective OEM manufacturing plants.