Financial News: UK Car Sales Fall 1.3% In August: SMMT

UK Car Sales Fall 1.3% In August: SMMT

09/05/2024 - 08:48:00 (RTTNews)

(RTTNews) - Demand in the British car market fell slightly in the traditionally quitter month of August, data from the Society of Motor Manufacturers & Traders, or SMMT, showed Thursday.

New car registrations dropped by 1.3 percent annually to reach 84,575 units in August, compared to 85,657 units a year ago.

August is traditionally one of the quietest months of the year for new car sales, with many buyers preferring to wait until September's new number plate, the SMMT said.

Petrol and diesel car sales fell by 10.1 percent and 7.3 percent, respectively. However, together, these fuel types still represented more than half of all new car uptakes in August. Fleet purchases drove the market despite a 1.2 percent drop.

On the other hand, registrations of battery electric vehicles grew 10.8 percent, thanks to heavy discounting by manufacturers over the summer and a raft of new models attracting buyers. Market share of the same segment was 22.6 percent, the highest for a month since December 2022.

"August's EV growth is welcome, but it's always a very low volume month and so subject to distortions ahead of September's number plate change," Mike Hawes, SMMT Chief Executive, said.

"Encouraging a mass market shift to EVs remains a challenge, however, and urgent action must be taken to help buyers overcome affordability issues and concerns about chargepoint provision."

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