Spike in new car sales brings hope to economy
| Is the UK’s motor industry finally turning around?
According to the Society of Motor Manufacturers and Traders (SMMT), 145,204 new vehicles sold were sold in May, raising the market by a promising 16.7%. The new car market has maintained steady growth for ten months in a row as supply chain issues continue to improve. This is the longest stretch of uninterrupted growth the UK has seen since 2015, inspiring hope for an economic revival. Rise in new car salesThe sale of new cars is on the rebound, with the SMMT reporting a spike in new vehicle registrations this last month. Supply chain improvements allowed companies to increase the size of their fleets which sparked the rise (up by 36.9% to 76,207 units). Smaller business fleets registered 3,065 units, a year-on-year rise of 22.5%. Private registrations, however, saw a dip of 0.5% to 65,932 units. The future of the marketIn terms of popularity, petrol cars are still the number one seller in the UK, accounting for 57.1% of registrations in May. But the looming 2030 ban on combustion engine vehicles means future market growth will depend on the sale of their electric counterparts. Mike Hawes, SMMT Chief Executive, said: “After the difficult, Covid-constrained supply issues of the last few years, it’s good to see the new car market maintain its upward trend and the fact that growth is, increasingly, green growth is hugely encouraging.” He added: “Transforming the market nationwide, however, and at an even greater pace means we must increase demand and help any reticent driver overcome any concerns about electric vehicles. “This will require every stakeholder – industry, government, chargepoint operators and energy companies – to play their part, accelerating investment to drive decarbonisation.” Wondering where the country stands on petrol and diesel prices? Read about the record monthly drop. |
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