Summary
- Plugin EVs took 33.9% share in the UK auto market in February, up from 24.8% year-on-year
- BEVs grew in volume by 42% YoY, with PHEVs close to 20% growth
- Tesla was the UK’s leading BEV brand in February with two of the top 3 best-selling vehicles
- February saw a record low market share of diesel-only vehicles at 5.0%
- The UK auto market volume has been relatively stable with modest GDP growth and inflation in Q4 2024.
Article
In February, the UK’s auto market saw plugin EVs take a 33.9% share, with BEVs growing by 42% year-on-year and PHEVs close to 20% growth. Overall auto volume was nearly flat year-on-year at 84,054 units. The leading BEV brand in February was Tesla, with two of the top three best-selling vehicles and an 18.5% share of the BEV market.
The increase in BEV market share was partly due to baseline effects, with certain brands having low sales last February but contributing higher volumes this February. Additionally, there is an expected pull-forward of BEV sales ahead of the introduction of the “expensive car tax” in April, which has boosted February’s BEV volumes. This may result in a hangover effect in April and May before the market settles.
The UK’s diesel-only vehicles saw a record low market share of just 5.0% in February, down from 5.9% year-on-year. Tesla remained the top BEV brand in the UK in February, with 18.5% of the market, followed by Volkswagen and BMW. While February sales volumes were down compared to January, it was the lowest volume month of the year, which is typical for the UK market.
In terms of new models, the Renault 5 and the Citroen e-C3 made their UK debut in February, with significant registrations. These models, along with others like the Hyundai Inster, Fiat Grande Panda, and Vauxhall Frontera, are competitors in the sub-compact EV segment. The Dacia Spring and the Leapmotor T03 also continued to sell well at lower price points.
Looking at the three-month brand rankings, Tesla maintained a clear lead in the UK BEV market, followed by Volkswagen and BMW. The ZEV mandate has pushed legacy brands like Ford to increase their BEV sales, with the Ford Explorer leading the charge. Overall, the UK auto market has been relatively stable over the past year, with gradual transitions towards EVs driven by the ZEV mandate and the availability of more affordable BEV models.
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