UK Car Registrations Continue To Soar With Exponential Increase In Electric Vehicle Sales

06 March 2023: According to the data insights published in a press release by the Society of Motor Manufacturers and Traders (SMMT), car registrations in the UK witnessed a seventh consecutive month of growth in February. The sales rose by 26.2%, with a total of 74,441 units being registered.

In February, the sales of battery electric vehicles (BEVs) increased by 18.2% compared to the same period last year, with 12,310 units sold. Sales of plug-in hybrid EVs increased by 1.0% compared to February 2022, with 4,723 units sold. On the other hand, sales of hybrid EVs rose by 40% year-on-year to 9,633 units, representing a market share of 12.9% in February, up from 11.7% a year ago. According to SMMT, plug-in vehicles accounted for about a quarter of new vehicle registrations in the UK. An estimated 488,000 plug-in and hybrid electric vehicles are expected to be sold by the end of this year.

In the light of this projection, SMMT has called on the UK government to strongly consider the nation’s advancement towards attaining net zero status during the forthcoming spring budget. It also recommended the implementation of a comprehensive and sustainable strategy to facilitate the growing adoption of plug-in vehicles in the UK. The trade association also suggested that the strategy should include increased funding towards the development of public charging infrastructure.

In its official press release, Mike Hawes, CEO, SMMT was quoted saying, "After seven months of growth, it is no surprise that the UK automotive sector is facing the future with growing confidence. It is vital, however, that the government takes every opportunity to back the market, which plays a significant role in Britain’s economy and net zero ambition’’.

The latest report on the UK car sales for February 2023 is encouraging news for the automotive industry. The  significant increase in the sales suggests that consumer confidence is returning to the market following a difficult period during the pandemic.