Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

UK car sales hit 30-year low in 2022, but could grow 15% this year – SMMT

By Nick Carey

LONDON (Reuters) – British new car sales fell to their lowest level since 1992 last year as manufacturers struggled against pandemic-related parts shortages, but could grow 15% in 2023 as those supply-chain issues ease, an industry body said on Thursday.

The Society of Motor Manufacturers and Traders (SMMT) said that according to preliminary figures, British new car registrations fell 2% to 1.61 million units last year, about 700,000 units below the pre-pandemic total hit in 2019.

The global auto industry has struggled with shortages of parts over the last two years, in particular semiconductor chips, with manufacturers focusing production on more profitable models and reporting lengthy order books for new cars.

SMMT Chief Executive Mike Hawes said despite rising inflation and a cost-of-living crisis hitting British consumers, the group was “reasonably confident” in its 2023 growth forecast.

We do expect this year to be one of recovery,” Hawes told reporters during a briefing on Wednesday. “We’re going to look counter cyclical, but that’s because we never recovered from the effects of the pandemic.”

Fully electric, or battery electric, vehicles (BEVs) made up 16.6% of sales in 2022, up from 11.6% in 2021.

British new car registrations rose 18% in December, the fifth consecutive month of growth. BEVs made up almost one third of sales in December.

The UK government has proposed a zero-emission vehicle (ZEV) target that 22% of any manufacturer’s car sales must be BEVs starting in 2024.

But some carmakers like Volkswagen unit Bentley – which has committed to be fully electric by 2030, but will not have a BEV model until 2025 – complain this would penalize them after their production plans have already been set.

The SMMT’s Hawes said the car industry is waiting for a final regulation from the UK government this summer, but added “most manufacturers will want some sort of flexibility” in how the mandate is applied.

 

(Reporting by Nick Carey; Editing by Jan Harvey)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts