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Financial News: UK Car Sales Fall In May: SMMT

UK Car Sales Fall In May: SMMT

06/06/2022 - 08:44:00 (RTTNews)

(RTTNews) - UK car registrations declined sharply again in May as components shortages impact vehicle availability despite demand, the Society of Motor Manufacturers and Traders said on Monday.

New car sales decreased 20.6 percent on a yearly basis to 124,394 units in the second weakest May since 1992.

The decrease, compared with the first full month of reopened showrooms in May last year, demonstrates the impact of continued global supply chain disruptions, the lobby noted.

Despite several challenges, registrations of battery electric vehicles advanced 17.7 percent, representing one in eight new cars joining the road last month.

During January to May, car registrations decreased 8.7 percent from the same period last year.

"Delivering on Net Zero means renewing the vehicles on our roads at pace but, with rising inflation and a squeeze on household incomes, this will be increasingly difficult unless businesses and private buyers have the confidence and encouragement to do so," Mike Hawes, SMMT chief executive, said.

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