New car market records strongest February in 20 years after 14% growth

The new car market recorded its strongest February in 20 years, figures show. Nearly 85,000 new cars were registered last month, an increase of 14.0% compared with February 2023, the Society of Motor Manufacturers and Traders (SMMT) said. That is the highest February total since 2004 when more than 91,000 new cars were registered. February is a low-volume month for sales ahead of the introduction of new number plates on March 1, which sparks a surge in purchases. The SMMT reiterated its plea for “fairer” taxation of electric vehicles (EVs) ahead of Wednesday’s Budget as private uptake continues to struggle. Private buyers accounted for just 18.2% of new battery electric vehicles registered in the first two months of this year, with the overall 21.3% increase in demand entirely sustained by fleets due to tax incentives. The SMMT is urging Chancellor Jeremy Hunt to halve VAT on the purchase of new EVs, amend plans to introduce vehicle excise duty for EVs, and reduce VAT on public charging to bring it into line with home charging. New car market records best February for 20 years 🚗 registrations rise 14.0% to 84,886 units🔋BEV share grows during traditionally low-volume, pre-new number plate month⚡️Industry calls...

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