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New electric car market suffers smallest growth since December 2023
November was the new electric car market’s weakest month of growth in nearly two years, figures show.
Some 39,965 new pure battery electric cars were registered last month, the Society of Motor Manufacturers and Traders (SMMT) said.
That was up 3.6% from November 2024, which was the smallest year-on-year increase since December 2023, when registrations declined by 34.2%.
That sharp fall was attributed to supply chain issues and a stronger than usual December 2022.
The overall new car market fell by 1.6% last month, with 151,154 new cars registered.
The SMMT said this sixth monthly fall in registrations this year was driven by a 5.5% decline in demand from private buyers.
Purchases for fleets owned or leased by businesses or other organisations edged up 0.2%.
SMMT chief executive Mike Hawes said: “Even in a fragile market, zero emission vehicle uptake continues to rise, which is exactly what we need.
“But the weakest growth for almost two years – ahead of Government announcing a new tax on EVs (electric vehicles) – should be seen as a wake-up call that sustained increase in demand for EVs cannot be taken for granted.
“We should be taking every opportunity to encourage drivers to make the switch, not punishing them for doing so, else the ambitions of Government and industry will be thwarted.”
In last week’s Budget, Chancellor Rachel Reeves announced that drivers of battery electric cars will be charged 3p per mile for electric Vehicle Excise Duty from April 2028.
This is in response to a huge reduction in revenue from fuel duty as more drivers switch from petrol or diesel cars to EVs.
She also extended grants for the purchase of new EVs until 2030.
Battery electric vehicles took a market share of 22.7% during the first 11 months of the year.
Under the Government’s zero-emission vehicle mandate, at least 28.0% of new cars sold by each manufacturer in the UK in 2025 are required to be zero emission, which generally means pure electric.
But green consultancy New Automotive said its analysis shows this year’s EV sales target is 21.7% once flexibilities are taken into account.
A Department for Transport spokesperson said: “We’re supporting the transition to EVs with £7.5 billion of investment, including £1.3 billion announced in the Budget to extend the (new EV purchase) grant, and a further £200 million to support the roll out of new chargepoints.”
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Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.
The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.
Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.
Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.
Almost half (45%) said they would consider learning to drive if it became significantly cheaper.
Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.
“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”
Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.
Go Digit General Insurance on Saturday said it has received a demand notice of about Rs 170 crore for short payment of goods and services tax (GST) for nearly five years. The company has received an order copy from the Office of the Commissioner of GST & Central Excise, Chennai South Commissionerate on March 6, confirming GST demand of Rs 154.80 crore levying penalty of Rs 15.48 crore and Interest u/s 50 of CGST Act, 2017 for the period July 2017 to March 2022, the insurer said in a regulatory filing. The company is in the process of evaluating the legal advice on the implications and would file an appeal, it said.
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