New car sales up 9.4% this year as electric cars continue to surge

New car registrations were up 9.4 per cent at 40,476 for the first two months of the year. Figures for February show 13,161 new registrations, up 9.9 per cent on the same month last year.

The growth in electric car sales continues, with 2,219 new EVs registered in February, an increase of 37.5 per cent on last year. So far this year, 5,893 new electric cars have been registered in comparison to 4,311 in the same period of 2022.

Electric vehicles, plug-in hybrids and hybrids continue to increase their market share, with a combined share now of 41 per cent. Petrol engines account for 32.48 per cent, diesel 23.32 per cent, hybrid 19.16 per cent, electric 14.56 per cent and plug-in electric hybrid 7.6 per cent.

The best-selling car brand remains Toyota with 6,150 registrations, ahead of Hyundai with 5,113 and Volkswagen with 3,954. The best-selling model was the Hyundai Tucson with 2,364, followed by the Toyota Yaris Cross with 1,402 registrations and Kia’s Sportage with 1,304. Of the electric cars on the market, Hyundai’s Ioniq 5 is the best seller with 950, followed by the VW ID. 4 with 795.

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What's in the new cost of living package? / Scams target Revolut users

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The government's latest package of cost of living measures includes extra cash payments to social welfare recipients and parents - but no further contributions to our energy bill payments. Does the package go far enough? And by extending - again - a more favourable VAT rate for the hospitality sector, the Government is foregoing tax revenues of €300 million. Why does the return of the rate keep getting pushed back? Ciarán talks to political reporter Jack Horgan-Jones and columnist Cliff Taylor. Plus: We're by now sadly familiar with finance scams using texts, emails and bogus websites to defraud people. The latest method takes advantage of the growing use of digital banking services like Revolut. Consumer affairs correspondent Conor Pope explains what to watch out for.

Brian Cooke, director general of the Society of the Irish Motor Industry (Simi) said greater supply, government supports and the State’s commitment to investing in charging infrastructure are all essential elements in encouraging the transition to electric.

“Drilling into the EV sales patterns, it is important to highlight private customers, who still benefit from the SEAI Grant, account for 75 per cent of EV sales so far this year, with these sales increasing by over 40 per cent when compared to last year,” he said.

“On the other hand, sales of new EVs to companies, which don’t benefit from the grant support, and which now attract a higher level of BIK [benefit in kind tax] since January, are slightly down on last year. This underlines the importance of the grant, and it is vital that we don’t interrupt consumer momentum by continuing this support at current levels beyond June.”

In the commercial vehicle market – seen as a bellwether for national economic activity – sales of vans (LCVs) are up 11.0 per cent at 8,152, while new heavy goods vehicles are also showing an increase of 49.9 per cent on the same period last year, with 691 registrations.