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Financial News: UK Car Registrations Plunge In September

UK Car Registrations Plunge In September

10/04/2018 - 04:29:00 (RTTNews)

(RTTNews) - UK car registrations plunged in September as regulatory changes impact supply, data from the Society of Motor Manufacturers and Traders showed Thursday.

The new car market posted a double-digit annual decline of 20.5 percent in September, reversing a 23.1 percent rise in August.

SMMT said about 338,834 vehicles were registered in September, down around 87,000 on the previous year as new testing requirements continue to affect supply and distort the market.

During January to September period, new car registrations were down 7.5 percent.

Mike Hawes, SMMT chief executive, said, "With the industry given barely a year to reapprove the entire European model line-up, it's no surprise that we've seen bottlenecks and a squeeze on supply."

These are exceptional circumstances with similar declines seen in other major European markets, added Hawes.

However, the lobby expects some rebalancing in coming months as an increasing range of new models are certified for sale and backlogs ease.

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