ILC ARTICLE

UK car market enjoys buoyant February sales

7th March 2023

The signs are promising for the UK automotive industry after new car registrations grew by 26.2% in February while the light commercial vehicle market enjoyed its best performance for a quarter of a century.

According to the Society of Motor Manufacturers and Traders (SMMT), new car registrations rose to 74,441 last month, which is just 6.5% down on 2020’s total.

Hybrid electric vehicles (HEVs) were up 40%, plug-in hybrids (PHEVs) rose one per cent and battery electric vehicles sales increased 18.2%. Combined, plug-ins accounted for almost a quarter (22.8%) of all deliveries in the month, with the SMMT now predicting that 488,000 PHEVs and BEVs will be sold in the UK this year.

Meanwhile, the LCV market rose by 8.5% to 17,540 units, recording its best February figures since 1998.

Mike Hawes, SMMT Chief Executive, said, “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 government takes every opportunity to back the market, which plays a significant role in Britain’s economy and net zero ambition. As we move into ‘new plate month’ in March, with more of the latest high-tech cars available, the upcoming Budget must deliver measures that drive this transition, increasing affordability and ease of charging for all.”