So it’s another month and another set of SMMT data. And still we’re looking for some indication of where the market is going, when the truth is that supply is horribly restricted by component shortages; chiefly of semiconductors.
So what can we conclude?
Well for one, the market is up 15% on February 2021 overall. This is traditionally a quiet month ahead of the March plate change, but it’s good to see upwards movement, if only a little.
Diesel registrations are down nearly 40% year on year, whilst EV has nearly tripled. An overall EV market share of 18% in February is an improvement from last month, but still a little shy of December’s record 26%.
Would we be seeing the same ratios in a healthy market? Are EVs going to retail customers as well as company car drivers (note petrol sales doggedly hanging on in there)? If HMG further cuts EV incentives, would the market for them collapse? Although we’re the fourth market in the world for EV/PHEV, the former still represents less than 1.5% of the all the cars on the road in the UK.