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New electric car registrations slow down by 17% in October – SIMI

By November 2, 2023No Comments

The latest figures from the Society of the Irish Motor Industry show that new car registrations for October were down 16.8% to 2,178 when compared when the figure of 2,617 the same time last year.

But SIMI said that registrations year to date are up 15.6% to 120,495 from 104,204 the same time last year.

The sale of new electric vehicles also slowed in October, with the SIMI figures showing that a total of 607 new electric vehicles were registered during the month, a decrease of 17.6% on the 737 registered the same month last year.

October marked the second month in a row of slowing EV sales.

However SIMI added that a total of 22,280 new electric cars have been registered so far this year – an increase of 46.1% on the 15,247 registrations the same time in 2022.

Meanwhile, imported or used car registrations were up 23.6% to 4,124 in October on the same time last year. Year to date imports are up 4.2% to 42,463 from 40,752 during the same time in 20220.

Today’s SIMI figures show that petrol cars retained the largest share of the market at 30.28%, while diesel accounted for 22.15%, hybrid 18.57%, electric 18.49% and plug-in electric hybrid 8.26%.

SIMI noted that battery electric vehicles, plug-in hybrids and hybrids now see their combined market share so far this year at 45.32%.

SIMI said the top selling new car in October was the MG MG4.

Today’s figures show that the five top selling new car brands so far this year are Toyota, Volkswagen, Hyundai, Skoda and Kia.

The five top new car models sold so far this year are the Hyundai Tucson, the Kia Sportage, the Toyota Corrolla, the Toyota Yaris Cross 5 and the Volkswagen ID.4.

Brian Cooke, SIMI Director General, said that despite the fall in sales of electric vehicles in October, the underlying EV market remains positive.

He added that a more accurate view of this can be seen in the 22,280 EV registrations year to date, an increase of 46% on 2022.

“Electric Vehicles now represent 18.5% of the new car market. Private consumer sales, with the support of SEAI grants, are the largest contributor of new electric vehicle registrations, accounting for nearly three quarters of EV sales,” Brian Cooke said.

“The clarity brought by last month’s Budget, with the extension of VRT and BIK reliefs, will support EV growth for next year in both the private and business sectors. Sales of commercials both Light (LCV) and Heavy Good Vehicles (HGVs), while subdued in October remain ahead year to date,” he added.

Article Source: New electric car registrations slow down by 17% in October – SIMI – RTE

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