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.

BUSINESS

UK new car sales rise in January, full-year sales to top last year – SMMT

Published On :

(Reuters) – New car registrations in the United Kingdom rose for the sixth straight month, recording a 14.7% annual rise in January due to robust sales of electric vehicles and large fleets, and full-year sales are expected to top last year’s, an industry body said on Monday.

The Society of Motor Manufacturers and Traders (SMMT) said car registrations for the month amounted to 131,994 units, marking the UK car industry’s best start to a year since January 2020.

It added that it expects sales this year to rise more than 11% to 1.79 million new cars and forecast registrations to touch 1.96 million units in 2024.

Registrations for both years, however, are expected to be considerably below the pre-pandemic sales of 2.31 million units in 2019, due to strained supply chains and a cost-of-living crisis that has seen consumers limit big-ticket purchases.

The UK’s auto market has struggled with shortages of parts over the last two years, in particular semiconductor chips, while buyers battle inflationary pressures that worsened last year.

Hybrid electric vehicles (HEVs) comprised 14.4% of new car registrations.

However, battery electric vehicles (BEVs) made up only 13.1% of new registrations in January, compared with an annual share of 16.6% in 2022. BEV registrations jumped 19.8% to 17,294 units.

The SMMT expects plug-in vehicles to comprise more than a fourth of new registrations this year, 32% higher than the previous year, but said the roll out of infrastructure needed to charge them is failing to keep pace.

The industry body said the infrastructure roll-out targets and regulating service standards needed to be mandated to give drivers certainty they could always find a working, available charger.

Infrastructure must be built ahead of demand else poor provision risks delaying the electric transition,” SMMT said.

Registrations of large fleets surged nearly 37% to 69,540 units during the month, the industry body said, reflecting some easing of supply issues.

 

(Reporting by Muhammed Husain in Bengaluru; Editing by Varun H K)

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