The UK noticed plugin electrical automobiles take 22.9% share of the auto market in February 2023, down from 25.6% 12 months on 12 months. General auto quantity was 74,441 models, up some 26% YoY, although nonetheless down from the ~81.000 unit seasonal norm, pre-2020. The Tesla Mannequin Y was the UK’s greatest promoting full electrical car for the month.
February’s 22.9% mixed plugin outcome comprised 16.5% full battery electrics (BEVs), and 6.3% plugin hybrids (PHEVs). This compares to respective shares of 25.6%, 17.7%, and seven.9% a 12 months in the past.
The YoY fall in share of plugins displays the short-term bounce again of petrol-powertrain volumes YoY (from 23,952 to 32.331 models). That is possible on account of sellers eager to clear a backlog of “outdated” petrol-car shares forward of the brand new licence plate arriving in March. If that’s the case, this means a possible snap-back for plugins within the March powertrain shares.
BEVs really gained YoY quantity by roughly 20%, to 12,310 models, however these positive aspects had been submerged by the larger push of petrol gross sales. PHEV volumes had been basically flat, YoY.
UK Prime BEV Manufacturers
From the SMMT’s month-to-month high ten auto fashions checklist, we all know that the Tesla Mannequin Y was the general sixth bestselling car in February, with 1,482 models. This additionally makes it the very best promoting BEV mannequin, alone taking 12% of the BEV market, two thirds of Tesla’s whole.
Past this, the SMMT doesn’t present devoted BEV mannequin knowledge, however we do have a abstract of a consultant portion of brand name share knowledge from the DVLA new licence database, gathered by way of API by New Automotive.
Audi got here in 2nd spot, possible principally due to the This autumn e-tron. Polestar got here in third (all of the Polestar 2). Volkswagen and Kia crammed out the highest 5 spots.
Apart from the recurring month-to-month quantity swings for Tesla, solely MG noticed a giant change, briefly dropping from 4th spot in January, to seventeenth in February. Like Tesla, in MG’s case that is principally right down to lengthy distance arrivals of discrete batches which might be uneven from month to month.
Let’s take a look at the three month panorama:
There weren’t too many main adjustments within the high 10 manufacturers, in comparison with three months in the past. Tesla nonetheless leads, although Volkswagen has climbed, and BMW fell by one spot.
Audi climbed a bit, as did Polestar and Renault. Mercedes and Hyundai each dropped down the ranks.
Right here’s a abstract of the primary actions in comparison with the prior interval:
When some go up, others go down:
Lots of the actions are short-term, on account of shifting allocation selections. Polestar has steadily climbed in volumes and rating since summer season 2022, when it was at a low ebb. A 12 months or so in the past, Polestar was by no means constantly within the high 10. This progress is sweet to see for a more recent, BEV-only model.
Right here’s a quick take a look at manufacturing group rankings:
The highest 3 ranks are unchanged for nearly half a 12 months now, with Tesla, Volkswagen Group, and BMW Group, once more filling the highest spots. BMW nonetheless did lose some weighting, while each Tesla and VW gained, rising their hole over all of the others.
Renault Nissan climbed from eighth (within the 3 months to November) to 4th, regardless of Nissan shedding share. That is possible principally due to the Renault Megane, which began preliminary UK deliveries in late 2022, and rising quantity since. If that’s the case, this may additionally clarify the Megane’s latest slight lack of weighting in dwelling market France, the place its gross sales had been concentrated for many of final 12 months.
Stellantis fell from fifth to eighth over the interval. Different actions in group rating had been comparatively minor shuffles.
The UK financial system is hovering round 0% development (“stagnation”) over the previous 2 quarters, so formally simply escaping formal recessionary circumstances. Inflation nonetheless stays above 10%, so stagflation is current.
The auto market’s latest few months of YoY development is because of “easing provide chain shortages”, in accordance with the SMMT. This permits an elevated skill to work by means of buyer ready lists which might be, in lots of circumstances, months lengthy. Past current orders, whether or not auto demand will proceed to rise in circumstances of stagflation stays to be seen.
No matter occurs to total auto market volumes all through 2023, plugins retain their long run value of possession benefits, comparatively low depreciation, and experiential benefits, in comparison with combustion automobiles. On this case, we are able to count on their share of the market to proceed to develop, even when quantity development is lacklustre.
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