— Electric vehicle market in need of budget boost

The Society of the Irish Motor Industry (SIMI) have released their official 242 new vehicle registrations statistics for August.

New car registrations for August were down 8.4% (7,567) when compared to August 2023 (8,261). Registrations year to date are down 0.9% (112,171) on the same period last year (113,199).  

Light Commercial Vehicles (LCVs) declined by 17.2% (1,698) compared to August last year (2,051). Year to date LCVs are up 9.3% (26,930). HGVs (Heavy Goods Vehicles) registrations are down 41.5% (172) in comparison to August 2023 (294). Year to date HGVs are up 11.2% (2,466).

Imported Used Cars have seen a 18.5% (5,426) rise in August 2024, when compared to August 2023 (4,577). Year to date imports are up 25.3% (42,622) on 2023 (34,010).

In August 1,259 new electric cars were registered, which was 29.3% lower than the 1,782 registrations in August 2023. So far this year, 15,129 new electric cars have been registered representing a 25.3% decrease compared to the same period in 2023 when 20,266 electric cars were registered.

In the new car market share by engine type for 2024, Petrol cars continue to lead the new car market at 31.37% followed by Diesel at 23.06%, then Hybrid (Petrol Electric) at 20.94%, Electric at 13.49%, and Plug-in Electric Hybrid at 9.57%.

Brian Cooke, SIMI Director General commenting: “August represents the sixth consecutive month of falling new car registrations this year, highlighted by the continuing drop in Electric Vehicle (EV) sales, which are now down 25% year to date when compared to last year. The commercial sector, light and heavy commercial sales, continue to remain ahead of last year.  

“With Budget 2025 fast approaching, it is an opportune time for the Government to intervene to support the Electric Vehicle project, one which is so crucial for reducing emissions in the Transport sector. Government incentives to date have been fundamental to the EV transition, but they have to be continued and enhanced.

“SIMI is urging the Government to: extend the Benefit-In-Kind (BIK)incentive at current levels, which will help transition the business fleet faster and support the development of a used EV market; increase SEAI Grants back to 2022 levels until the EV market recovers; and accelerate the roll out of a fit for purpose national charging infrastructure. 

“At this crucial stage in the EV transition, these measures will increase the sale of EVs, signalling their importance to consumers, boosting confidence and reassurance in electric vehicles. Budget 2025 presents an opportunity for Government to demonstrate its commitment to fleet electrification and is an opportunity they should not miss.”