Economic Buzz: UK new car registrations up 5.4% in October

New car registrations in the United Kingdom increased by 5.4% in October on an annual basis, the Society of Motor Manufacturers and Traders (SMMT) said in its report on Thursday.

Total registrations stood at 152,730 units, with gasoline-powered vehicles at 56,876 and a total of 48,858 registrations for battery electric vehicles (BEVs). BEV registrations increased by 32.7% compared to the same month a year prior, as plug-in hybrid vehicles (PHEVs) grew by 30.1%. Registrations of diesel cars plunged 15.9% year-over-year.

Almost one in three new cars registered in October was electric ? great progress in the transition, but one that comes at enormous cost. The industry and government are spending billions to help drivers switch, but that support cannot be sustained indefinitely with the gap to mandated targets set to more than double by 2028, just as a new EV-only tax is introduced, the report noted.

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