Weakening retail and EV market 'overriding concern’, despite new car market growth

The Society of Motor Manufacturers and Traders (SMMT) said there is an "overriding concern" over weaking retail and electric vehicle (EV) demand, despite two years of new car registration growth that continues to be driven by the fleet market.

The UK new car market rose by 2.5% in July and has increased by 5.5% over the first seven months of 2024, but fleets are continuing to boost the figures, according to the latest data from the SMMT.

The retail market dropped by 11.1% in July and is down by nearly 12% year-to-date year-on-year.

Battery electric vehicle (BEV) sales were still below the 22% needed for the Zero Emission Vehicle mandate (ZEV), however the July BEV market is pushing in the right direction with a 18.5% share of new car registrations for the month.

However, the year-to-date market share average is still 16.8%.