1. Plugin EVs took 22.9% share of the UK auto market in March, with full electric share falling and plugin hybrid share growing.
2. Tesla was the UK’s leading BEV brand, ahead of BMW, with the Model Y making up 80% of Tesla’s sales.
3. Some brands, like Toyota, Lexus, Honda, Stellantis, and Ford, were noted for significantly increasing their BEV deliveries in Q1 2024 to meet the ZEV mandate, despite previously lagging in the BEV market.
In March, plugin EVs accounted for 22.9% of the UK auto market, with full electric vehicles (BEVs) at 15.2% and plugin hybrids (PHEVs) at 7.7%. Despite overall auto volume increasing by 10% year on year, BEVs lost 1% share of the market and showed a modest growth of 3.8%. Tesla was the leading BEV brand in the UK ahead of BMW.
The underperformance of BEVs could be attributed to a cooling demand due to the UK’s economic recession. Brands like Tesla, MG, Volkswagen, and Polestar saw a decrease in volume YoY. On the other hand, BMW and Mercedes brands increased their BEV sales, potentially due to their buyers being less affected by economic downturns.
PHEVs saw a 37% volume growth YoY, claiming an additional 1.5% share of the market. Combustion powertrains’ share fell to 63.0% from 64.6% YoY, growing 9.3% under the market average.
The UK economy remains weak, with sluggish consumer confidence and a shrinking EV market share. The Society of Motor Manufacturers and Traders (SMMT) called for government support for private consumers to accelerate the transition to EVs. Laggard brands holding back BEV deliveries were called out for not meeting the ZEV mandate. Incentives for consumers could help boost demand for BEVs and facilitate the transition to electric vehicles.