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Financial News: UK Car Registrations Increase In May: SMMT

UK Car Registrations Increase In May: SMMT

06/05/2018 - 05:30:00 (RTTNews)

(RTTNews) - UK car demand increased in May as market continued to re-balance following large declines in 2017, the Society of Motor Manufacturers and Traders said Tuesday.

Car sales grew 3.4 percent year-on-year to 192,649 units in May.

The growth follows a substantial 8.5 percent decline in the previous May when demand was impacted by the dual effects of VED pull forward and buyer hesitancy ahead of June 2017's general election.

"To ensure long-term stability, we need to avoid any further disruption to the market, and this will require sustainable policies that give consumers and businesses the confidence to invest in the new cars that best suit their needs," Mike Hawes, SMMT chief executive, said.

In the year to date, the overall market remained down, with new registrations falling 6.8 percent, as economic and political uncertainty continues to impact demand.

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