Car sales hit highest point in five years

October’s new car market grew by 14.3% to reach 153,529 registrations, 7.2% above pre-pandemic levels and marking the best performance for the month since 2018.

According to the Society of Motor Manufacturers and Traders (SMMT), the 15th month of consecutive growth was driven almost entirely by large fleet registrations, which grew 28.8% to reach 87,479 units.

With the sustained increase in new car registrations, overall vehicle uptake is now up 19.6% in the first 10 months, with the market currently enjoying its best year since 2019.

Electrified vehicle uptake continued to accelerate in October accounting for 37.6% of all new car registrations. Hybrid electric vehicles (HEVs) grew 24.6% to reach 19,574 units, while plug-in hybrid vehicles (PHEVs) recorded the highest proportional growth, up 60.5% to 14,285 registrations.

Battery electric vehicle (BEV) uptake increased for the 42nd month in a row, by 20.1% to 23,943 units.

Mike Hawes, SMMT chief executive, said, “With demand for new cars surpassing pre-pandemic levels in the month, the market is defying expectations and driving growth. As fleet uptake flourishes, particularly for EVs, sustained success depends on encouraging all consumers to invest in the latest zero emission vehicles. The Autumn Statement is a key opportunity for government to introduce incentives and facilitate infrastructure investment. Doing so would send a clear signal of support for drivers, reassuring them that now is the time to switch to electric.”