Financial News: UK Car Registrations Rise 14.7% In January: SMMT

UK Car Registrations Rise 14.7% In January: SMMT

02/06/2023 - 08:59:00 (RTTNews)

(RTTNews) - UK car registrations increased for the sixth straight month in January on the back of strong demand for hybrid electric vehicles, data from the Society of Motor Manufacturers and Traders, or SMMT, showed on Monday.

Car registrations grew by 14.7 percent on a yearly basis in January, following an 18.3 percent rise in December.

Data showed that 131,994 new cars were registered at the start of the year.

This was the best start to the year since January 2020's pre-Covid 149,279 units and marks the sixth successive month of expansion, SMMT said.

The continued upturn in January was mostly driven by a 40.6 percent surge in sales of hybrid electric vehicles, comprising 14.4 percent of new car registrations.

<b>Read more</b>: <a href=https://www.rttnews.com/3339476/uk-car-production-falls-most-in-over-6-decades-despite-record-ev-output.aspx target=_blank >UK Car Production Falls Most In Over 6 Decades Despite Record EV Output</a>

Meanwhile, the battery electric vehicle sales increased 19.8 percent to reach 17,294 units, slightly below the average recorded for 2022.

Plug-in hybrid vehicles recorded a 0.7 percent rise, although their share fell to 6.9 percent of new cars reaching the road. Thus, almost one in five new cars registered this month came with a plug.

According to the latest market outlook, car registrations will go up 11.1 percent in 2023 to reach 1.79 million units despite a straitened economy and strained supply chains, the SMMT said.

"The automotive industry is already delivering growth that bucks the national trend and is poised, with the right framework, to accelerate the decarbonisation of the UK economy," SMMT Chief Executive Mike Hawes said.

Due to a challenging economic outlook, rising living costs, and consumer anxiety about new technology, the industry and market are in transition, Hawes added.

"We look to a Budget that will reaffirm the commitment to net zero and provide measures that drive green growth for the sector and the nation."

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Taiwan Export Orders Continue To Fall In February (08 min(s), 43 sec(s) ago)
(RTTNews) - Taiwan's export orders continued to decline in February, data released by the Mini ...Full Story»

Germany Producer Price Inflation Eases To 15.8%, Lowest Since Sep 2021 (02 hr(s), 05 min(s), 43 sec(s) ago)
(RTTNews) - Germany's producer price inflation eased for the fifth straight month in February ...Full Story»

Malaysia Trade Surplus Shrinks To MYR 19.56 Bln (03 hr(s), 32 min(s), 43 sec(s) ago)
(RTTNews) - Malaysia's trade surplus decreased slightly in February, as imports grew faster th ...Full Story»

European Economic News Preview: Eurozone Foreign Trade Data Due (04 hr(s), 12 min(s), 43 sec(s) ago)
(RTTNews) - Foreign trade from the euro area and producer prices from Germany are the top economic ...Full Story»

China Retains Benchmark Lending Rates As Expected (04 hr(s), 31 min(s), 43 sec(s) ago)
(RTTNews) - China retained its benchmark lending rates for the seventh straight month on Monday af ...Full Story»

China Loan Prime Rate Due On Monday (42 min(s), 17 sec(s) ago)
(RTTNews) - The People's Bank of China will announce its latest loan prime rate numbers, highl ...Full Story»

U.S. Consumer Sentiment Unexpectedly Drops In March, Inflation Expectations Dip (23 min(s), 17 sec(s) ago)
(RTTNews) - Consumer sentiment in the U.S. fell for the first time in four months in March, accord ...Full Story»

Russia Central Bank Keeps Key Rate Unchanged At 7.50% (17 min(s), 17 sec(s) ago)
(RTTNews) - Russia's central bank decided to keep its key interest rate unchanged for the four ...Full Story»