The UK new car market has recorded its best February performance for two decades, thanks to fleet and business sales.
The Society of Motor Manufacturers and Traders (SMMT) said 84,886 cars were registered during the month, representing a 14% year-on-year increase.
This included a 25.2% rise in fleet registrations, and a 15.5% rise in business registrations – classed as those to firms with fewer than 25 vehicles.
In contrast, private registrations were down by 2.6% year-on-year.
In terms of fuel mix, EV registrations were up by 21.8% year-on-year, taking 17.7% of the market.
Plug-in hybrid registrations rose by 29.1%, equating to 7.2% of the market, while conventional hybrids were up by 12.1% for a 12.7% market share.
Petrol car registrations rose by 13.3% to take 56.6% of the market, while diesel registrations were down by 7.4% for a 5.9% market share.
The SMMT said that while February’s overall market growth was positive, a clearer long-term picture would emerge in March – traditionally the busiest month of the year.
The organisation has also reiterated calls for more EV support in this week’s Budget, including a halving of VAT on new EVs, a rethink on upcoming VED changes, and reducing VAT on public charging to be in line with home charging.
SMMT chief executive Mike Hawes said: “The new car market’s ability to deliver growth continues with its best February for 20 years and this week’s Budget is an opportunity to ensure that growth is greener.
“Tackling the triple tax barrier as the market embarks on its busiest month of the year would boost EV demand, cutting carbon emissions and energising the economy.
“It will deliver a faster and fairer zero emission transition, putting Britain’s EV ambition back in the fast lane.”