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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.”

Mumbai: Snapping a four-day losing streak, Indian stock markets ended higher on Thursday, helped by buying in IT shares as the rupee traded positive with gains against the US dollar.  

Gains, however, stayed modest as investors turned cautious ahead of the RBI Monetary Policy Committee’s decision scheduled for Friday.

The Sensex closed at 85,265.32, rising 158.5 points or 0.19 per cent. The Nifty also moved up, finishing at 26,033, higher by 47.75 points or 0.18 per cent.

“The index mostly remained below the 21 EMA on the hourly chart, reflecting sustained selling pressure during the session,” analysts said.

“Technically, the 26,100–26,150 zone is expected to act as crucial resistance, while support is placed at 25,900–25,950,” they added.

“A fall below 26,000 may trigger a quick correction towards 25,950–25,900, as the chart setup appears weak on the hourly timeframe,” market watchers stated.

Broader market performance remained weak. The Nifty MidCap 100 index ended almost flat with a slight negative bias, while the Nifty SmallCap 100 slipped 0.24 per cent.

Among sectoral indices, Nifty IT was the biggest mover, jumping 1.4 per cent. Realty, FMCG, Auto, Pharma, Metal, and Chemical indices also saw buying interest.

On the other hand, Nifty Media dropped 1.45 per cent, and Bank, Financial Services, Consumer Durables, and Oil & Gas sectors also declined.

On the Sensex, the top gainers included TCS, Bharat Electronics, Tech Mahindra, Infosys, and HCL Tech.

Major laggards were Reliance Industries, Maruti Suzuki, Kotak Mahindra Bank, Titan, and Eternal.

Analysts said that the market managed a positive finish but stayed cautious as investors awaited key policy cues from the RBI.

“IT stocks outperformed, buoyed by renewed optimism around potential Fed rate cuts and favourable currency tailwinds, which strengthened investor appetite for the sector,” experts added.

Rupee traded positive with gains of 0.28 paise at 89.91 as markets await the RBI policy on Friday, especially after the currency hit all-time lows this week.

“Rupee range is seen between 89.80–90.25, with a breakout potentially taking it toward 89.25 on the upside or 90.75 on further weakness,” analysts said.