The UK's new car market witnessed a positive shift in May, indicating a growth of 1.6% in new registrations compared to the previous year. A total of 15,070 new cars were registered during this month. Notably, electric vehicle sales surged by 25.8%, capturing a market share of 21.8%. SMMT chief executive Mike Hawes emphasized the potential risks associated with sustaining this growth, particularly due to manufacturer discounting, which could impede investment in product development crucial for decarbonization. Industry experts suggest that government fiscal measures are needed to support the market's recovery and electric vehicle adoption.
SMMT chief executive Mike Hawes highlighted that while the growth in new car registrations is welcome, ongoing manufacturer discounting, especially for electric vehicles, poses long-term challenges.
Ian Plummer from Auto Trader noted that the rise in electric vehicle sales illustrates market momentum, influenced by emerging affordable models and growing Chinese brands, pivotal for mass adoption.
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