Registrations of new cars (not quite the same thing as sales, but close enough) fell again in May, dropping by 15 per cent compared to the same month last year. 6,407 new cars were registered in Ireland in May 2024, compared to 7,545 in May of 2023.
Most significantly, electric car registrations continue to slump, falling by a huge 39 per cent in May compared to the same month in 2023. Electric registrations for the year to date have fallen by more than a fifth, 21.8 per cent.
Brian Cooke, Director General of the Society of the Irish Motor Industry (SIMI) said: “New car registrations show a 15 per cent decline for May when compared to the same month last year. Year to date, new car sales remain four per cent ahead of 2023. While sales of light commercial vehicles decreased by almost 22 per cent in May, registrations for light and heavy commercial vehicles remain strong so far this year. Electric cars have seen a fourth consecutive month of decline in sales. The number of electric cars registered last month was 1,044, which is a decrease from the 1,715 registrations in May 2023. The EV share of the market now stands at 13 per cent, which is down from 17 per cent on last year, and is in line with 2022 market share. With the private consumer being the driver of EV sales in Ireland, we need to re-focus our efforts on these buyers; they need greater reassurances on their EV investment, which includes as a minimum the extension of current incentives and delivery on an electric charging infrastructure. We also need to encourage the company car market, where Ireland has been lagging behind other markets, and delay the phasing out of the BIK concession until such time as EVs become firmly established.”
Irish buyers are retreating from electric cars and are returning to petrol and diesel models, which currently hold 33.3 per cent and 23.0 per cent, respectively, of the total new car market. Hybrids hold a 21.8 per cent share, while electric models have fallen to 12.9 per cent, with plug-in hybrids making up 8.8 per cent of registrations.
Worryingly, the registrations of new light commercial vehicles (vans) fell by 22.3 per cent in May, which could be a signal of an underlying weakness in the broader economy, although for the year to date van registrations are up by 21.3 per cent, so it may - hopefully - just be a blip.
Imports of used cars rose 22.9 per cent in May 2024 to more than 5,000 vehicles compared to May 2023. Year-to-date imports are up 26.0 per cent, at 26,207 vehicles.
Toyota remains the best-selling brand in Ireland for the year to date, followed by Volkswagen, Skoda, Hyundai, and Kia. As is almost now traditional, the Hyundai Tucson, is the best-selling model for the year to date, followed by the Skoda Octavia, Kia Sportage, TToyota RAV4, and Toyota Yaris Cross.
In that falling electric car market, Volkswagen remains on top, followed by Tesla, Hyundai, BYD, and Kia while the Volkswagen ID.4 is still the best-selling electric car, followed by the Tesla Model Y, Hyundai Kona, Tesla Model 3, and MG 4.
The best selling car in May was the Dacia Sandero, while the best-selling electric car for the month was the Tesla Model Y.