June records highest monthly market share for EVs this year

Recent figures from the Society of Motor Manufacturers and Traders (SMMT) suggest that in first half of the year, company cars accounted for 62 per cent of the new car market.

More than 623,800 of these cars were registered to fleet and business. That’s almost 110,000 more cars than were registered to fleets in the first six months of 2023.

This contrasts with a decline of the retail new car market, as private registrations dropped by 12 per cent from last year.

Electric vehicle (EV) uptake also continued to grow in June, with plug-in hybrid (PHEV) volumes up 30 per cent to reach a 9.3 per cent market share, while hybrid electric vehicles (HEV) rose 27.2 per cent to achieve 14.9 per cent of the market.

Battery electric vehicle growth (BEV) meanwhile rose 7.4% but took its highest monthly share this year, accounting for 19.0% of all new vehicle registrations.

Mike Hawes, chief executive of the SMMT, said: “The year’s midpoint sees the new car market in its best state since 2021 – but this belies the bigger challenge ahead. 

“The private consumer market continues to shrink against a difficult economic backdrop, but with the right policies in place, the next Government can re-energise the market and deliver a faster, fairer zero emission transition.”