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The proportion of new cars expected to be pure electric in the UK this year has been downgraded due to weakening demand from private buyers.
A new forecast issued by the Society of Motor Manufacturers & Traders (SMMT) estimates that pure electrics will take an 18.5% market share in 2024.
In April the figure was expected to be 19.8%.
The overall outlook for how many new cars will be registered this year has also fallen, from around 1,984,000 to 1,968,000.
In July the sector recorded its 24th consecutive month of year-on-year growth.
Some 147,517 new cars were registered last month, up 2.5% from July 2023.
The increase was sustained entirely by purchases for fleets owned or leased by businesses or other organisations (up 13.0%).
Uptake from private buyers continued to diminish, down 11%.
SMMT Chief Executive Mike Hawes said: ‘Two years of new car market growth against a backdrop of a turbulent economy is testament to the sector’s resilience and the attractiveness of the deals on offer.
‘Weakening private retail demand, however, particularly for EVs and despite generous manufacturer discounts, is the overriding concern.
‘More people than ever are buying and driving EVs but we still need the pace of change to quicken, (or) else the UK’s climate change ambitions are threatened and manufacturers’ ability to hit regulated EV targets are at risk.
‘Achieving market transition at the pace demanded requires greater support for consumers and, with the all-important new numberplate month of September beckoning, action on incentives and infrastructure is needed now.’
By Neil Lancefield, PA Transport Correspondent
Press Association: Finance
source: PA
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