Popularity of PHEVs to continue as top 10 fleet registrations revealed

Analysis of fleet registrations shows a top 10 dominated by alternatively fuelled vehicles (AFVs), with the Tesla Model Y the most popular company car in May, according to Cap HPI.

The Audi Q4 also had another strong month and has risen from tenth to sixth overall in 2024. 

The Audi A3, meanwhile, remains the top-registering range for 2024, with last year's top seller, the Tesla Model Y, starting to close the gap.

Andrew Turner, senior product specialist at Cap HPI consulting, said: “The top 10 for 2024 is dominated by alternative fuel vehicles, mostly BEVs (battery electric vehicles) and PHEVs (plug-in hybrids), with a smaller share of petrol and hybrid models included in some ranges.

“Clearly, many fleet drivers are seeking the BIK benefits these alternative fuel vehicles provide.”

May's top ten

Source:Cap HPI

“The increasing popularity of PHEVs looks set to continue at least in the short term, particularly with launches of higher electric range PHEVs qualifying for just 5% BIK tax,” continued Turner.

“This provides not just lower tax costs for company car drivers but also what will likely be seen as a best-of-both-worlds option, with many of the benefits of BEVs but none of the perceived limitations.”

The 2024 year-to-date BEV fleet share has risen to nearly 40%, according to Cap HPI. However, it is still down over 10% compared to the same period in 2023. The PHEV share remains about 10% higher than in the same period last year.  

January to May - Top 10

Source:Cap HPI