SMMT have released the UK March new car registration figures. On a positive note total registrations are up 11.5% YOY. However looking at the comparison to ‘normal’ trading conditions the market is down 36.9% on the 10 year average (2010 to 2019). Electric car market share continues to grow, now with over 40% market share.
ICE cars continue to decline with petrol being down 10% and diesel a whopping 31.4% YOY. Petrol engined cars represent 48.4% of the market and diesel has shrunk to only 10.8%.
The growth of the mild hybrid
Mild hybrids (MHEV) which offer a very limited electric range continue their rapid growth at 135% YOY and now capturing 21.5% of the total market. These cars are very popular with company car drivers due to the tax incentives they offer. The manufacturers are fulfilling the demand for these cars as they are easy to adapt from current models. However they are a cynical approach to electric motoring and here at ECE we wait for the Government to close the tax loophole on limited electric mileage MHEVs.
The remaining electric and hybrid car registrations grew 80%, 19.3% of the market.
Pure electric (BEV) growth
BEV continues to grow but at lower rates to plug in hybrids and mild hybrids. At 88.2% YOY growth and 7.7% (up from 4.6%) of the total market it is still a great growth story.
YOY pure electric cars are up 74.1% on 2020 sales and 7.5% (3.8%) of the market.
For the first time Electric and hybrids capture over 40% of the market in March 2021, a great achievement.
March Top 10
The only pure electric model in the March top 10 was the Tesla Model 3, which after no production in Jan and Feb this year stormed in at number 4 with over 6,500 sales.