July New Car Registrations Down 5.9%: Budget 2025 Decisive Actions Needed To Support EV Market

The Society of the Irish Motor Industry (SIMI) has released their official 242 new vehicle registrations statistics for July.

New car registrations for July were down 5.9% (25,726) when compared to July 2023 (27,336). Registrations year to date are down 0.3% (104,652) on the same period last year (104,938).

Light Commercial Vehicles (LCVs) declined by 7.5% (5,008) compared to July last year (5,414). Year to date LCVs are up 11.7% (25,239). HGVs (Heavy Goods Vehicles) registrations are up 27.5% (477) in comparison to July 2023 (374). Year to date HGVs are up 19.5% (2,298).

Imported Used Cars have seen a 32.2% (5,828) rise in July 2024, when compared to July 2023 (4,408). Year to date imports are up 26.4% (37,199) on 2023 (29,433).

In July 3,147 new electric cars were registered, which was 24.7% lower than the 4,117 registrations in July 2023. So far this year, 13,885 new electric cars have been registered representing a 25% decrease compared to the same period in 2023 when 18,484 electric cars were registered.

In the new car market share by engine type for 2024, Petrol cars lead the new car market at 31.95% followed by Diesel at 22.90%, then Hybrid (Petrol Electric) at 20.72%, Electric at 13.27%, and Plug-in Electric Hybrid at 9.62%.

Brian Cooke, SIMI Director General commenting: 
“The 242-registration plate sales period is, as is always the case in July, an exciting and optimistic period for the Irish Motor Industry. However, July has continued the trend of recent months with a decline in new car sales. Year to date new car registrations are now marginally behind the first seven months of last year.  Light commercial vehicles registrations also saw a decline in sales for July, but the activity remains strong, and sales are ahead of last year for both the light and heavy commercial fleet.

The key headline for July continues to be the drop in Electric Vehicle (EV) registrations, which are down by 25% year to date. EV sales are now back to 2022 levels. Last year saw several EV incentives reduced, including the SEAI Purchase and Home Charger Grants, while Benefit-In-Kind (BIK) for company EVs is schedule to increase significantly in 2025.

We are at a critical juncture on the journey to Zero Emission Vehicles, but we need decisive actions in the Budget to arrest this slide and to reignite Ireland’s EV momentum. This can be done by extending the BIK incentive at current levels, and increasing the SEAI Grants back to 2022 levels until the EV market recovers. Budget 2025 is a real chance for Government to signal their commitment to fleet electrification and is an opportunity they should grasp.”

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