EV sales continue to fall in stagnant market

DEALER

EV sales continue to fall in stagnant market

July 02, 2024

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Half year car registration figures, representing the 241 plate, have been revealed by the Society of the Irish Motor Industry (SIMI)) showing a drop in sales for the month of June.

New car registrations for June were down 50% (1,499) when compared to June 2023 (2,990). Registrations year to date are up 1.7% (78,942) on the same period last year (77,602).

In June, 692 new electric cars were registered, which was 52% lower than the 1,432 registrations in June 2023. So far this year, 10,747 new electric cars have been registered which is a 25% decrease compared to the same period in 2023 when 14,307 electric cars were registered.

Light Commercial Vehicles (LCVs) declined by 35.8% (688) compared to June last year (1,072). Year to date LCVs are up 17.8% (20,229). HGVs (Heavy Goods Vehicles) registrations are down 1.6% (127) in comparison to June 2023 (129). Year to date HGVs are up 17.9% (1,826).

Imported Used Cars have seen a 22.2% (5,165) rise in June 2024, when compared to June 2023 (4,228). Year to date imports are up 25.4% (31,372) on 2023 (25,025).

In the new car market share by engine type for 2024, Petrol cars lead the new car market at 32.96% followed by Diesel at 22.89%, then Hybrid (Petrol Electric) at 20.11%, Electric at 13.61%, and Plug-in Electric Hybrid at 8.83%.

Speaking about the results, Brian Cooke, SIMI Director General commented: “In June new car registrations declined by 50% on the same month last year. Following four consecutive months of decline, new car registrations for the first half of the year stand at 78,942 units, a marginal increase on 2023. Both light and heavy commercial vehicles registrations saw a decline in sales for the month of June, but the activity remains strong in the commercial fleet. New electric car registrations continue to experience a decline in sales, with June registrations falling by 52% to 692 units. From January to June, a total of 10,747 new electric cars were registered, marking a 25% decrease from the same period the previous year.

The decline in the new EV car market continues to highlight the need for Government to support the EV transition, with ways to incentivise the market for both private and company car buyers. Extending consumer incentives and Benefit-in-Kind support, along with investment in charging infrastructure will build consumer and business confidence and encourage uptake. Retailers remain optimistic as we enter the 242-registration plate sales period, and with new models coming to the market along with variety of attractive offers are positive that this will help to boost sales activity in July, the second busiest month for new car sales.”

Top Selling New Car Brands 2024 were: