Auto Trader Group plc
Auto Trader Group plc
10/04/2024 | Press release | Distributed by Public on 10/03/2024 16:01
Commentary | New car registrations September 2024
Discounts can only last so long...
Ian Plummer, commercial director, comments on the latest new car registrations figures from the SMMT:
Electric vehicle sales surged in September to claim a 20%-plus share of the market, in the key plate-change month for the industry, but it still won't be enough for many manufacturers to hit sales targets under the Zero Emissions Vehicle mandate.
Plummer continued:
"Record discounts are driving the interest as brands and retailers do all they can to stimulate sales, showing once again just how sensitive the market is to financial incentives, and the importance of overcoming the current EV cost barrier. These efforts are also reflected in the strongest interest in new EVs on our platform for more than two years, a good sign that the remaining months of 2024 should also see strong new EV sales.
"That said, there's still much to do to drive further levels of interest and actual sales - and discounts can only last so long. Given affordability is such a key driver of purchase, other measures are needed to help buyers make the switch to electric cars which still carry a 30% price premium over their ICE counterparts. More affordable EVs are hitting the market from both established and new brands alike, but we need to see further levels of support from Government if we're to hit the new regulatory targets without inflicting significant damage to the industry."
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