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Financial News: UK Car Sales Fall Ahead Of General Election:

UK Car Sales Fall Ahead Of General Election: SMMT

06/05/2017 - 05:46:00 (RTTNews)

(RTTNews) - UK car sales declined in May as buyers held back ahead of June general election, the Society of Motor Manufacturers and Traders, or SMMT said Monday.

Car sales decreased 8.5 percent year-on-year to 186,265 units in May. An increase of 20.1 percent in business purchases was offset by declines from private and fleet buyers.

Alternatively fueled vehicle segment rebounded 46.7 percent following April's decline, to take a new record market share of 4.4 percent.

The year-to-date performance showed a 0.6 percent decrease as market stabilized, SMMT said. However, more than 1.1 million new cars were registered since January.

"We expected demand in the new car market to remain negative in May due to the pull-forward to March - which was an all-time record month - resulting from VED reform," Mike Hawes, SMMT chief executive, said.

"Although demand has fallen, it's important to remember that the market remains at a very high level and, with a raft of new models packed with the latest low emission and connected technology coming to market this summer, we expect the market to remain strong over the year," Hawes added.

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