Financial News: UK Car Registrations Rise 1.0% In April

UK Car Registrations Rise 1.0% In April

05/07/2024 - 09:53:00 (RTTNews)

(RTTNews) - New car sales in the UK rose for the twenty-first consecutive month and logged the best performance for April since 2021, data from the Society of Motor Manufacturers & Traders, or SMMT, showed Tuesday.

In April, new car registrations grew by 1.0 percent to reach 134,274 units. However, the uptake was still 16.6 percent below the pre-pandemic level.

Fleets accounted for all of the growth, with registrations rising by 18.5 percent to 81,207 units, continuing the year-long trend, the SMMT said.

The number of private buyers fell by 17.7 percent to 50,458 units, and the number of business registrations dropped by 16.1 percent to 2,609.

Electric cars remained the key drivers of market expansion. Overall, battery electric vehicle uptake rose 10.7 percent, indicating a market share of 16.9 percent.

"Although attractive deals on EVs are in place, manufacturers cannot fund the mass market transition single-handedly," Mike Hawes, SMMT Chief Executive, said.

"Temporarily cutting VAT, treating EVs as fiscally mainstream not luxury vehicles, and taking steps to instil consumer confidence in the chargepoint network will drive the market growth on which Britain's net zero ambition depends."

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