Amazing March boosts EV adoption but misses the mandate
- The new car market benefitted from a 12.4% boost in March as uptake rose to 357,103 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). In the most critical month of the year for the new car market, this growth builds on the March 2024 performance, where uptake rose by 10.4%. As a result, this year’s ‘new plate’ month represents the best March performance since 2019.1
- Fleet registrations rose 11.5%, while business buyers decreased by a marginal 0.3%. There was also a recovery in private buyer uptake following last year’s lacklustre performance, with a 14.5% rise in registrations.
- All types of electrified vehicles recorded growth in the month, with hybrid electric vehicles (HEVs) up 27.7%, plug-in hybrids (PHEVs) up 37.9%, and battery electric vehicles (BEVs) up a massive 43.2% as manufacturers incentivised uptake with significant discounting.2As a result, March became the largest month ever for registrations of electric cars. Some 69,313 new cars reached the road as manufacturers sought to deliver ever more zero-emission vehicles to drivers during the new ‘25 plate’ month, which usually accounts for around 16% of annual registrations and, as such, provides a strong indicator of likely overall annual performance.
“A welcome return to growth, and substantial growth at that, is a fillip for the industry. Moreover, with March being the best month ever for electric car registrations, there is reason for optimism. Manufacturers remain committed to the market decarbonisation the country and the environment demands, but we need sustained growth, not a short-term bubble driven by unsustainable manufacturer discounting and drivers rushing to beat a tax hike.
Without substantive government support for consumers, the current regulatory regime is undeliverable. A rapid response to the government consultation is therefore needed – one that adds flexibilities that reflect the natural level of demand and supports the industry to deliver growth in the face of a tough set of global challenges.”
Mike Hawes, SMMT Chief Executive
Statistics and commentary from SMMT
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