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UK New Car Sales Surge in February, Marking Best Performance in Two Decades

The Society of Motor Manufacturers and Traders calls for reduced EV taxation to sustain growth and support the transition to electric vehicles.

Overview

  • Nearly 85,000 new cars were registered in February 2024, a 14% increase compared to the same month last year, achieving the highest February sales since 2004.
  • The market share of battery electric vehicles (EVs) reached about 17% last month, with the industry urging for fairer taxation to boost EV adoption.
  • The SMMT proposes halving VAT on new EV purchases, amending vehicle excise duty plans for EVs, and reducing VAT on public charging.
  • Fleet sales drive the 21.3% increase in EV demand, benefiting from tax incentives, while private buyer uptake remains low.
  • Manufacturers face a Zero Emission Vehicle (ZEV) mandate requiring at least 22% of new car sales to be electric this year, with penalties for non-compliance.