Financial News: UK Car Sales Continue To Fall, EV Share

UK Car Sales Continue To Fall, EV Share Rises: SMMT

02/05/2025 - 07:55:00 (RTTNews)

(RTTNews) - The UK car market contracted for the fourth straight month in January due to weak consumer confidence and tough economic conditions, but the market share of electric vehicles increased, data from the Society of Motor manufacturers and Traders or SMMT, showed on Wednesday.

Car registrations decreased 2.5 percent on a yearly basis to 139,345 units in January. The volume of battery electric vehicle sales surged 41.6 percent to claim a 21.3 percent market share.

However, the SMMT said the BEV market share still remained short of the 22 percent target set by government for last year, and was even further behind the 28 percent requirement for 2025.

Both hybrid electric vehicles and plug-in hybrids registered volume growth and saw their market shares rise to 13.2 percent and 9.0 percent, respectively.

Reflecting the ongoing downward trend, petrol car registrations slid 15.3 percent and the market share of petrol cars fell to 50.3 percent. Diesel car sales were down 7.7 percent to claim a share of 62 percent.

"January's figures show EV demand is growing - but not fast enough to deliver on current ambitions," SMMT Chief Executive Mike Hawes said. "Affordability remains a major barrier to uptake, hence the need for compelling measures to boost demand, and not just from manufacturers," added Hawes.

The auto industry called for halting EV tax hikes as the market outlook anticipates only 23.7 percent market share for BEV this year. This is well below the mandated 28 percent target for this year.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

U.S. Crude Oil Inventories Surge Much More Than Expected (20 min(s), 27 sec(s) ago)
(RTTNews) - The Energy Information Administration released a report on Wednesday showing U.S. crud ...Full Story»

U.S. Services Index Unexpectedly Indicates Modestly Slower Growth In January (37 min(s), 27 sec(s) ago)
(RTTNews) - Service sector growth in the U.S. unexpectedly slowed modestly in the month of January ...Full Story»

U.S. Trade Deficit Spikes To Over Two-Year High In December (01 hr(s), 07 min(s), 27 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Wednesday showed the U.S. trade defici ...Full Story»

Brazil Services Activity Contracts In January (01 hr(s), 33 min(s), 27 sec(s) ago)
(RTTNews) - Brazil's service sector deteriorated for the first time in sixteen months amid a r ...Full Story»

Treasury Reveals Details Of Long-Term Securities Auctions (01 hr(s), 45 min(s), 27 sec(s) ago)
(RTTNews) - The Treasury Department on Wednesday announced the details of this month's auction ...Full Story»

U.S. Private Sector Job Growth Exceeds Estimates In January (01 hr(s), 56 min(s), 27 sec(s) ago)
(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment ...Full Story»

U.S. Trade Deficit Widens Significant In December As Imports Jump, Exports Plunge (02 hr(s), 22 min(s), 27 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Wednesday showed the U.S. trade defici ...Full Story»

Luxembourg Inflation Rises To 6-month High (02 hr(s), 26 min(s), 27 sec(s) ago)
(RTTNews) - Consumer price inflation in Luxembourg rose for the second straight month in January t ...Full Story»