New car registrations drop but EVs gain market share: SIMI

New car registrations are down 11.3% compared to pre-Covid levels, according to the latest figures from the car industry.

The Society of the Irish Motor Industry (SIMI) released the official 222 new vehicle registration figures, which revealed that new car registrations for July were down 17.3% (21,902) when compared to July 2021 (26,477), while year to date registrations are down 3.6% (87,075) on the same period last year (90,330).

Light Commercials vehicles (LCV) are down 14.8% (4,039) compared to July last year (4,740) and year to date are down 21.4% (17,100). HGV (Heavy Goods Vehicle) registrations are down 1.6% (317) in comparison to July 2021 (322). Year to date HGV’s are down 9.4% (1,675).

Used car imports for July (4,206) have seen a decrease of 21.3% on July 2021 (5,344). Year to date imports are down 31.1% (28,316) on 2021 (41,097).

For the month of July 2,738 new electric vehicles were registered compared to 1,895 in July 2021. So far this year 11,182 new electric cars have been registered in comparison to 6,225 on the same period 2021 an increase of 79.6%.

Electric Vehicle, Plug-in Hybrids and Hybrids continue to increase their market share, with a combined market share now of 40.9%. Petrol continues to remain dominant with 29.29%, Diesel accounts for 27.51%, Hybrid 21.23%, Electric 12.84% and Plug-in Electric Hybrid 6.83%.

Commenting on the new vehicle registrations Brian Cooke, Director General SIMI said: “Disappointingly July new car registrations, our second highest sales’ period, are down 17.3% on July 2021. This means the new car market is now 4% behind year to date and 17% behind pre-COVID 2019.

“The electric vehicle segment continues to grow, both in quantum and as a proportion of the new car market, with an 80% year on year growth and a market share of 13%.

“While it appears that there is appetite among consumers for both new and used cars, supply issues are hampering overall activity. The impact of this is another year of below par performance in the Irish new car market, which results in the Irish car fleet continuing to get older.

“The underlying new car market needs to grow significantly over the next few years if we are to optimise transport emission reductions. Government policies must contain the right measures, to support and encourage the change to lower and zero emitting vehicles. Reducing EV supports or increasing taxation will only act as a barrier to change and add to the cost of living.

“In this context, SIMI is asking the Government to continue its support for the EV project by extending EV supports at current levels out to 2025 and to resist any VRT increases in Budget 2023 which will only prove counterproductive and prevent us dealing with the legacy fleet in an effective manner that supports a just transition.”