Have electric cars lost their spark? EV sales slide 15pc on last year

The figures will be seen as a setback to government plans to get more EVs on Irish roads. Photo: Stock image/Getty

Eddie Cunningham

The shine appears to be wearing off electric cars – for now at least – as new figures show a 15.5pc plunge in buying last month.

Despite some distributors and dealers registering extra EVs for themselves to bolster numbers, electric car sales have risen by a mere 1.4pc on the corresponding two months of last year.

That contrasts sharply with general new-car SIMI registrations for February which are up 25pc (to 16,455) on February 2023 and are 18.3pc (47,882) up on the first two months of last year.

Just 1,866 new EVs were registered last month, a drop of 15.5pc on February 2023. And so far this year, 5,968 new EVs have been registered – just a 1.4pc increase on 2023 when 5,885 were registered.

But while the slowdown in buying appears shocking, Brian Cooke, director general of the Society of the Irish Motor industry (SIMI) points out that it is not unique to Ireland and reflects trends in other new-car markets.

“It is typical of the life-cycle in the adaption of any new technology, where there is a gap between early adapters and the early majority consumers. This is happening at a time when we need to accelerate the growth in EV sales,” he said.

Despite that, there is no doubt the figures will be regarded as a setback to plans to get more EVs on Irish roads in line with government plans.

On the other side of the coin, it could lead to further price cuts among brands as they try to maintain market share in an intensely heated push for sales. Already this year, some brands have slashed up to €12,000 off well-known models.

A ‘price war’ would have an upside for potential buyers as a new EV would cost so much less, but it would hit current owners because lower-cost new would mean lower-cost second-hand. And that sort of downgrade in value can hit confidence in buying another electric vehicle.

It will be a case of wait and see for many, and these most recent figures show people are hedging their bets by opting for hybrids and plug-ins.

Petrol cars continue to lead the new car market with a 32.97pc share. Diesel is next on 23.76pc, then hybrids (petrol electric) which account for 21.5pc; electric is on 12.46pc while plug-in electric hybrids have a 7.76pc market share.

Used imports have risen substantially too. There was a 24pc rise in February and they are up 32.1pc (10,270) on 2023.

The top-five new car models so far are:

1.Hyundai Tuscon, 2. Kia Sportage, 3. Skoda Octavia, 4. Toyota Rav4, 5. Toyota Yaris Cross

The best-selling EVs are:

1. Hyundai Kona 2. Volkswagen ID.4, 3. MG4 4. Byd Seal, 5. Volkswagen ID.3

The biggest-selling car last month was the Skoda Octavia while the Tesla Model 3 was the top EV.