October 2024: New Car Sales Take a Tiny Tumble While EVs Roll Up the Street
Word on the street from the Society of Motor Manufacturers and Traders (SMMT) reveals that new car registrations slipped by 0.6% last month. That might sound like a whisper, but behind the headline there’s a whole story about how the industry is shifting its gears.
Key Numbers in a Nutshell
- October saw 144,288 new cars registered, down from 153,529 the same time last year.
- Industries suffered a £350 million hit in turnover.
- Petrol cars fell by 14.2% and diesel by 20.5%.
- Hybrid electric pickups saw a 1.6% drop; plug‑in hybrids dropped 3.2%.
- Pure electric vehicles (EVs) surged by an eye‑popping 24.5% thanks to fresh models and markdown disasters.
Why the Numbers Matter
According to Mike Hawes, SMMT’s CEO, the UK is now the second biggest EV market in Europe. That’s exciting, but Hawes cautions, “We can’t let the transition stall the march toward zero carbon emissions.” He believes that the quickest way to decarbonise is by replacing old fleets faster than we can put new ones on the road.
In other words, if vehicle upgrades drop, the whole economy, investment traffic, and the planet could feel the heat.
Auto Trader’s Take
Ian Plummer, commercial director at Auto Trader, weighed in: “October sales are dragging a bit, but the electric market is grabbing the spotlight—thanks to heavy discounts.” He notes that manufacturers are hitting EV targets under the zero‑emissions mandate, offering around 12% price cuts to entice buyers. Yet, even with those deals, sales aren’t yet booming by the numbers we’d like.
Bottom Line
Gas‑guzzling folks are feeling the squeeze as the industry pushes toward greener wheels, but the socks might still not fit perfectly. Stay tuned for more real‑time updates on the road ahead!
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