Hybrid car sales fall despite 9.4% rise in new car market in January

Sales of new regular hybrid cars fell 16 per cent in January, despite a 9.4 per cent rise in the new car market compared to the same month last year.

The fall in hybrid sales contrasts with a rise in petrol and diesel cars registrations, while electric car sales set a new monthly record of 3,682, up 36.5 per cent on last year.

Total new car sales were up 9.4 per cent in January with 27,364 registrations, at a time when supply remains curtailed by chip shortages, which continues to delay delivery for several brands.

Of the new registrations, 9,258 were petrol, 6,269 were diesel, 3,682 were all-electric, 6,208 were regular hybrid, 1,957 were plug-in hybrids.

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Brendan Burgess joins the podcast to explain his critique of Central Bank policy on mortgage interest rates. It comes after Central Bank governor Gabriel Makhlouf told an Oireachtas committee that Irish banks should increase interest rates to reflect increases applied by the European Central Bank. Plus: Cliff Taylor and Eoin Burke-Kennedy look at the latest economic trends.

Toyota remains the best-selling new car brand with 4,446 registrations, followed by Hyundai with 3,706 and Volkswagen with 2,538. Skoda is in fourth place with 2,064 ahead of Kia with 1,681. The Hyundai Tucson is the most popular new car on the market with 1,737 registrations, ahead of the Toyota Yaris Cross with 1,043.

The best-selling electric car was Hyundai’s Ioniq 5 with 582 registrations, ahead of Hyundai’s Kona with 276 and the VW ID.4 with 261.

Hyundai managing director Stephen Gleeson said: “Hyundai now have Ireland’s best-selling PHEV, electric and diesel cars. One significant trend we have noticed is the move away from hybrid to actual electric cars or PHEV as evidenced by the 16 per cent fall in hybrid sales in a market that is 10 per cent ahead.”

Brian Cooke of the Society for the Irish Motor Industry (Simi) said: “With supply chains improving, we anticipate continuing growth in the EV market, although this will not only be down to vehicle supply but also to the level of Government supports.”

Sales of commercial vehicles, a bellwether of economic activity, also rose in January, with van sales up 10.1 per cent on the same month last year, while heavy goods vehicle (HGV) registrations increased by 52.5 per cent. A total of 5,559 new light commercial vehicles (LCVs) were registered last month, along with 424 new trucks.