FX.co ★ UK New Car Sales Rise 12.4% in March

In March 2024, the United Kingdom witnessed a significant upswing in new car registrations, with figures climbing 12.4% year-on-year to reach 357,103 units. This marked the first annual increase since September 2024, as private retail buyers made their way back into the market. Private sales showed a robust improvement, increasing by 14.5% after a subdued performance last year, while fleet registrations experienced an 11.5% rise. However, business purchases saw a slight decline of 0.3%. Electrified vehicles enjoyed remarkable growth across all segments, fueled by manufacturer incentives and substantial discounts. Sales of hybrid electric vehicles (HEVs) advanced 27.7%, plug-in hybrids (PHEVs) surged 37.9%, and battery electric vehicles (BEVs) saw a remarkable 43.2% increase. March set a new benchmark for electric car registrations, with BEVs alone representing 19.4% of the market. Conversely, traditional fuel vehicles experienced a downturn, with petrol sales slipping by 0.4% and diesel plummeting 10.1%.