FOREX TradingCharts.com

Financial News: UK Car Market Outlook Downgraded On Supply Chain

UK Car Market Outlook Downgraded On Supply Chain Constraints

05/05/2022 - 06:25:00 (RTTNews)

(RTTNews) - UK car sales are forecast to be lower than the previous projection this year in the backdrop of the ongoing supply chain constraints stemming from the war in Ukraine and the Covid19 pandemic-related restrictions in China, as well as due to broader macroeconomic factors such as inflation and rising interest rates, the Society of Motor Manufacturers and Traders said Thursday.

The lobby revised down its market outlook for 2022 to 1.72 million units from the 1.89 million units.

"While this still represents a 4.5 percent rise on 2021, it highlights the effect the semiconductor shortage is still having on supply as well as anticipated impacts from rising living costs," the SMMT said.

The agency observed that plug-in cars are anticipated to account for more than a quarter of market in 2022 but additional assurance is needed for more customers to make the switch.

Further, data showed that car registrations declined 15.8 percent in April from the last year. However, battery electric car registrations bucked the trend, up 40.9 percent.

April's decline was driven primarily by a 33.3 percent decrease in large fleet registrations, with manufacturers continuing to prioritize private consumers given robust demand, which helped this market segment see a moderate increase of 4.8 percent.

Despite showrooms being open for the entire month, global supply chain shortages, of which semiconductors are the most notable, have continued to constrain the delivery of new vehicles, the lobby noted.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Hong Kong Exports Recover In April (10 min(s), 32 sec(s) ago)
(RTTNews) - Hong Kong's merchandise exports and imports recovered in April, data from the Cens ...Full Story»

Turkey Economic Confidence Improves In May (16 min(s), 32 sec(s) ago)
(RTTNews) - Turkey's economic confidence improved in May, survey results from the Turkish Stat ...Full Story»

Singapore Industrial Production Rises At Faster Pace (20 min(s), 32 sec(s) ago)
(RTTNews) - Singapore's industrial production increased at a faster pace in April, data from t ...Full Story»

Bank Of Korea Raises Key Rate For Second Straight Time (03 hr(s), 31 min(s), 32 sec(s) ago)
(RTTNews) - The Bank of Korea lifted its key interest rate by a quarter point for the second strai ...Full Story»

European Economics Preview: Italy Business Confidence Data Due (04 hr(s), 31 min(s), 32 sec(s) ago)
(RTTNews) - Business and consumer confidence survey results from Italy are due on Thursday, headli ...Full Story»

South Korea Rate Decision Due On Thursday (55 min(s), 28 sec(s) ago)
(RTTNews) - The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announ ...Full Story»

Fed Minutes Hint At More 50 Basis Point Interest Rate Hikes (26 min(s), 28 sec(s) ago)
(RTTNews) - With inflation remaining stubbornly elevated, the minutes of the Federal Reserve's ...Full Story»

Latvia Unemployment Rate Rises In Q1 (12 min(s), 28 sec(s) ago)
(RTTNews) - Latvia's jobless rate increased in the first quarter, after falling in the previou ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Hong Kong Exports Recover In April

05/26/2022 - 06:54 AM (RTTNews)
(RTTNews) - Hong Kong's merchandise exports and imports recovered in April, data from the Cens ...Full Story>>

Turkey Economic Confidence Improves In May

05/26/2022 - 06:48 AM (RTTNews)
(RTTNews) - Turkey's economic confidence improved in May, survey results from the Turkish Stat ...Full Story>>

Singapore Industrial Production Rises At Faster Pace

05/26/2022 - 06:44 AM (RTTNews)
(RTTNews) - Singapore's industrial production increased at a faster pace in April, data from t ...Full Story>>

Bank Of Korea Raises Key Rate For Second Straight Time

05/26/2022 - 03:33 AM (RTTNews)
(RTTNews) - The Bank of Korea lifted its key interest rate by a quarter point for the second strai ...Full Story>>

European Economics Preview: Italy Business Confidence Data Due

05/26/2022 - 02:33 AM (RTTNews)
(RTTNews) - Business and consumer confidence survey results from Italy are due on Thursday, headli ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.