UK’s New Car Sales Increased by 26% year-on-year in February 2023

According to industry data released, the number of new car registrations in the UK increased by 26% in February to 74,441, marking the seventh consecutive month of growth in the market.

Strong demand for fully electric vehicles, which increased by 18 percent to 16.5 percent market share, contributed to the rise. According to data from the Society of Motor Manufacturers and Traders (SMMT), gasoline vehicles increased by 35% for a market share of 43.4 percent, while diesel vehicles decreased by 15% for a market share of 4.5 percent.

A review of the Vehicle Excise Duty premium, which it claimed would unfairly penalize buyers switching to more expensive EVs, was also requested by the industry body.

As they move into ‘new plate month’ in Spring, with a greater amount of the most recent cutting-edge vehicles accessible, the impending financial plan should convey measures that drive this change, expanding reasonableness and simplicity of charging for all, said SMMT President Mike Hawes. Last month, supply-chain shortages eased, bringing the market closer to pre-COVID levels and boosting new car sales.

According to the SMMT, the Vauxhall Corsa was the model that sold the most in February. To 206,435, sales in the UK market increased 19% from January to February. The SMMT anticipates a 11% increase in sales this year to 1.79 million, which is still significantly lower than the levels seen in 2019.