New car registrations fall 17% in October

New car registrations in October dropped 16.8 per cent to 2,178 compared with the same month last year, according to figures from the Society of the Irish Motor Industry (SIMI).

Registrations in the year to date are still trending higher, however, with 120,495 new cars registered in the first 10 months of 2023, up 15.6 per cent on the same period of 2022.

Light commercial vehicles (LCV) registrations edged up 0.1 per cent year on year in October and are running 28.6 per cent higher for the year to date. Heavy goods vehicle (HGV) registrations were down almost 29 per cent last month compared with October 2022, while they were up 22 per cent in the year to date.

The number of imported used cars rose about 23.7 per cent compared with October 2022, while year-to-date imports are up 4.2 per cent, arriving at a total of 42,463 for the first 10 months of this year.

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Some 607 new electric vehicles were registered in October compared with 737 in October 2022, a decrease of 17.6 per cent. To date this year, 22,280 new electric cars have been registered, up 46 per cent on January-October 2022.

In October, the new car market share grew, with petrol retaining the largest share at 30.28 per cent and diesel accounting for 22.15 per cent. The shares for hybrid cars, electric cars and plug-in electric hybrids were 18.57 per cent, 18.49 per cent and 8.26 per cent respectively.

In the year to date, the combined market share for battery electric vehicles (EVs), plug-in-hybrids and hybrids was 45.32 per cent.

SIMI director general Brian Cooke said despite the decline in new electric car registrations in October, the underlying market for electric vehicles remained positive.

Private consumer sales, with the support of Sustainable Energy Authority of Ireland grants, are the largest contributor of new electric vehicle registrations, accounting for nearly three quarters of EV sales, Mr Cooke added. The “clarity” offered by Budget 2024 on the tax reliefs available for EVs is expected to support further growth next year.