economy
UK car sales hit post-Covid high for May as Chinese EV makers gain ground
Registrations up 7% in the month, with battery EVs recording fastest growth and Tesla jumping 45% as motorists look to cut fuel bills
TL;DR
- UK car registrations rose by 7% in May, reaching their highest level for the month since before the Covid pandemic.
- Sales of battery electric cars grew the fastest, making up more than 27% of the market.
- Chinese manufacturers BYD and Chery saw substantial sales increases, with BYD's sales doubling and Chery's increasing fivefold in the first five months of the year.
- Tesla recorded a 45% sales increase in May.
- The rise in electric car demand is linked to increased choice, grants, and high fuel prices.
- Private buyers, rather than corporate fleets, drove the strongest May increase in sales since 2019.
- Manufacturers are lobbying for a further review of the zero emission vehicle (ZEV) mandatory sales targets, seeking to weaken them.
- Plug-in hybrid electric vehicles (PHEVs) allow carmakers to lower their ZEV targets.