Electric car sales slow amid rising cost of consumer credit

Higher household costs are hitting demand for relatively expensive electric cars
Higher household costs are hitting demand for relatively expensive electric cars
TOLGA AKMEN/GETTY IMAGES

The millionth new plug-in car sold in Britain rolled out of a showroom last month but sales of electric vehicles appear to be slowing as total registrations remain stalled at historically low levels.

More than 225,000 vehicles bearing the new 72 licence plate hit the road in September, traditionally the second busiest month of the year for the motor trade after March.

New registrations were up 4.6 per cent on the same month last year but that was the worst September since 1998, according to the Society of Motor Manufacturers and Traders. Volumes are down more than a third on pre-pandemic levels in 2019 and are about half those of 2016, the most recent high water mark for the trade.

Total new registrations for the