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Financial News: UK New Car Sales Register Biggest February In

UK New Car Sales Register Biggest February In Two Decades

03/05/2024 - 06:19:00 (RTTNews)

(RTTNews) - New car sales in the UK rose for the nineteenth consecutive month and logged the best performance for February since 2004, data from the Society of Motor Manufacturers & Traders, or SMMT, showed Tuesday.

In February, new car registrations grew by 14.0 percent to reach 84,886 units.

The double-digit growth in February was primarily driven by fleets investing in the latest vehicles.

Indeed, fleets and businesses were responsible for the entirety of February's increase, with registrations up 25.2 percent and 15.5 percent, respectively, the SMMT said.

Data showed that private uptake continued to struggle in February, falling 2.6 percent to register a 33.7 percent market share.

February is traditionally volatile as the lowest volume month of the year, with buyers often electing to wait until March and the new number plate, the auto industry body said.

Electrified vehicles recorded robust growth in sales, with hybrid electric vehicles rising 12.1 percent but taking a marginally smaller annual market share of 12.7 percent. . 

Battery electric vehicle sales grew 21.8 percent, representing 17.7 percent of market share.

While BEV market share and volumes continue to grow during the first year of mandated targets for manufacturers, the increase in uptake is entirely sustained by fleets, thanks to compelling fiscal incentives, the industry body said.

"The new car market's ability to deliver growth continues with its best February in 20 years, and this week's budget is an opportunity to ensure that growth is greener," Mike Hawes, SMMT Chief Executive, said.

"Tackling the triple tax barrier as the market embarks on its busiest month of the year would boost EV demand, cutting carbon emissions and energising the economy."

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