Recent data from the UK that’s released by the Society of Motor Manufacturers and Traders (SMMT) indicates that electric vehicle maker Tesla saw a massive surge in new car registrations last month. Amidst this momentum, Tesla’s market shares in the UK has also grown.
As per the SMMT’s data, Tesla witnessed a 1,436.4% year-over-year increase in new vehicle registrations in April 2023. Last year, Tesla had 118 vehicle registrations, but this year, the number sharply rose to 1,813 units. This improvement allowed Tesla’s market share to rise from 0.10% to 1.36%, which is significant considering the company’s limited vehicle offerings and its cars’ premium price.
Amidst this surge, the Tesla Model Y has taken its place as the UK’s 7th best-selling vehicle year to date, with 11,503 units. The Model Y’s momentum likely helped drive the UK’s electric vehicle sector forward. Electric vehicles (EVs) gained popularity last month, with the UK seeing 20,522 new battery electric car registrations, a 59.1% increase.
While EV purists may regard hybrid and plug-in hybrid vehicles as combustion-powered cars, both segments still experienced growth last month. The SMMT’s data noted that plug-in hybrid electric car registrations saw a 33.3% increase last month, while hybrid electric vehicle registrations improved by 7.7%.
That being said, the majority of the UK’s auto sector still favors combustion engine-powered vehicles. Last month, the UK had 132,990 new vehicle registrations, with gasoline being the most popular fuel choice among consumers. Overall, gas-powered vehicles saw a 4.1% rise in new registrations, while diesel-powered vehicles saw a 13.4% decline.
It should be noted that while Tesla’s vehicles are already performing quite well in their respective segments, the company has yet to tap into the auto industry’s most competitive markets. After all, the Model Y crossover and Model 3 sedan are still premium electric cars that come with a premium price. But with Tesla developing and eventually launching a higher-volume, more affordable car, the electric vehicle maker could effectively compete in the mainstream automotive market.
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