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Financial News: UK Car Registrations Fall To Lowest Since 1999

UK Car Registrations Fall To Lowest Since 1999

10/05/2020 - 05:47:00 (RTTNews)

(RTTNews) - UK car registrations declined to the lowest level for September since 1999, data published by the Society of Motor Manufacturers and Traders showed Monday. The new car market declined 4.4 percent on year in September.

The sector reported 328,041 new registrations, which was the weakest September since the introduction of the dual number plate system in 1999. Sales were around 15.8 percent lower than the 10-year average of about 390,000 units for the month.

During January to September period, new car registrations decreased 33.2 percent from the previous year.

The relaxation of covid-19 lockdown restrictions from June saw consumers return to showrooms and factories restart production lines, the lobby noted. However, Brexit uncertainty and the threat of tariffs still concerns the industry.

With little realistic prospect of recovering the 615,000 registrations lost so far in 2020, the sector now expects an overall -30.6 percent market decline by the end of the year, equivalent to some GBP 21.2 billion in lost sales.

Mike Hawes, SMMT chief executive,?said, "During a torrid year, the automotive industry has demonstrated incredible resilience, but this is not a recovery."

Unless the pandemic is controlled and economy-wide consumer and business confidence rebuilt, the short-term future looks very challenging indeed, Hawes added.

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