(Reuters) - New car registrations in the UK dropped in January, preliminary industry data showed on Wednesday, due to slower demand from both fleet and private buyers. The Society of Motor
UK Electric Car Sales Increase in January, Miss Mandate
(Reuters) -Registrations for new electric vehicles in the UK rose in January but their market share remained short of the 28% mandate for the year, industry data showed on Wednesday.
The Society of Motor Manufacturers and Traders (SMMT) reported that volumes of battery electric vehicles (BEV) rose by 41.6% year-on-year to rise to a 23.7% market share.
"Affordability remains a major barrier to uptake, hence the need for compelling measures to boost demand, and not just from manufacturers," said SMMT Chief Mike Hawes, as the industry called for a halt on EV taxes to encourage more people to buy the low-emission vehicles.
The disparity between demand for EVs and regulated targets have highlighted a need for revision to current incentives, as the latest market outlook sees the gap between BEV share and widening further in 2026, when BEVs are expected to comprise 28.3% against a target of 33%.
Overall, new car registrations dropped for the fourth consecutive month in January to decline 2.5% to 139,345 units, as demand from both fleet and private buyers slowed down in a weak economy.
(Reporting by Anandita Mehrotra and Yamini Kalia in Bengaluru; Editing by Alan Barona and Mrigank Dhaniwala)
