New car registrations in the UK saw their third consecutive month of growth in October 2022, with big demand for hybrid and electric models driving the trend.
Fleet registrations were up 47.4 per cent to 67,911 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), while demand from private buyers rose 7.4 per cent to 62,714 units. There was also a 108.6 per cent increase in business registrations, but this is a much smaller segment of the market.
Registrations of fully electric cars rose 23.4 per cent to 19,993. Demand for plug-in hybrids, meanwhile, was up 6.2 per cent to 8,899. There was also a 81.7-per-cent increase in registrations of conventional hybrids. Perhaps most interesting, though, was the fact the Ford Fiesta – recently announced as being axed from sale – topped the sales charts.
In spite of positive news for the month, the SMMT says ongoing supply chain issues, rising inflation and the cost of living crisis have led it to revise its market outlook for 2022 downwards by 2.2 per cent.
A total of 1.566million new car registrations are now anticipated for the full year, which would make 2022 the worst 12 months for the market since 1982. The silver lining is a predicted market share of 21.9 per cent for plug-in vehicles. Furthermore, the market is expected to recover in 2023, when it’s hoped 1.808million new cars will be registered.
Mike Hawes, chief executive of the SMMT, said: “A strong October is hugely welcome, albeit in comparison with a weak 2021, but it is still not enough to offset the damage done by the pandemic and subsequent supply shortages.
“Next year’s outlook shows recovery is possible and EV growth looks set to continue, but to achieve our shared net zero goals, that growth must accelerate and consumers given every reason to invest.
“This means giving them the economic stability and confidence to make the switch, safe in the knowledge they will be able to charge – and charge affordably – when needed. The models are there, with more still to come; so must the public chargepoints.”
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