October new car registrations down 16.8%

October new car registrations down 16.8%

The Society of the Irish Motor Industry (SIMI) has released their official 232 new vehicle registrations statistics for October.

New car registrations for the month of October were down 16.8% (2,178) when compared to October 2022 (2,617). Registrations year to date are up 15.6% (120,495) on the same period last year (104,204).

Light Commercial vehicles (LCV) are slightly up 0.14% (1,443) compared to October last year (1,441) and year to date are up 28.6% (28,661). HGV (Heavy Goods Vehicle) registrations are showing a decrease for October of 28.73% (129) in comparison to October 2022 (181). Year to date HGVs are up 22.05% (2,502).

Imported Used Cars seen an increase 23.66% (4,124) increase in October 2023, when compared to October 2022 (3,335). Year to date imports are up 4.2% (42,463) on 2022 (40,752).

For the month of October 607 new electric vehicles were registered compared to 737 in October 2022 (-17.6%). So far this year 22,280 new electric cars have been registered in comparison to 15,247 (46.1%) on the same period 2022. 

In October, the new car market share grew, with Petrol retaining the largest share at 30.28%, Diesel accounting for 22.15%, Hybrid 18.57%, Electric 18.49%, and Plug-in Electric Hybrid 8.26%. Battery Electric Vehicles, Plug-in Hybrids and Hybrids now see their combined market share (year to date) at 45.32%.   

Brian Cooke, SIMI Director General said: 
“In October, new car registrations decreased by 16.8% (2,178) on the same month last year, while year to date the new car market is actually ahead 15.6% (120,495) on 2022. New electric car registrations also saw a decline in October, with 607 units sold in comparison to 737 for the same month last year. However, the underlying EV market remains positive, and a more accurate view of this can be seen in the 22,280 EV registrations year to date, an increase of 46% on 2022. Electric Vehicles (EVs) now represent 18.5% of the new car market. Private consumer sales, with the support of SEAI grants, are the largest contributor of new electric vehicle registrations, accounting for nearly three quarters of EV sales. The clarity brought by last month’s Budget, with the extension of VRT and BIK reliefs, will support EV growth for next year in both the private and business sectors. Sales of commercials both Light (LCV) and Heavy Good Vehicles (HGVs), while subdued in October remain ahead year to date.”