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Financial News: UK Car Sales Set To See Worst Performance

UK Car Sales Set To See Worst Performance Since 1982: SMMT

11/04/2022 - 09:30:00 (RTTNews)

(RTTNews) - The UK car market remained on course for the toughest year since 1982 despite bumper sales in October, the Society of Motor Manufacturers and Traders, or SMMT, said Friday.

New car registrations expanded 26.4 percent on a yearly basis in October, which was third consecutive increase. Sales were driven up by hybrid and battery electric vehicles.

In the year to date, the market was down 5.6 percent on the same period in 2021, but still a third below pre-Covid levels, said SMMT.

The lobby downgraded its 2022 sales outlook by 2.2 percent citing ongoing supply chain shortages, surging inflation and a growing cost of living crisis.

Nonetheless, overall market recovery is expected to continue through next year, with an outlook of 1.808 million units and plug-ins accounting for 26.7 percent of registrations in 2023.

"A strong October is hugely welcome, albeit in comparison with a weak 2021, but it is still not enough to offset the damage done by the pandemic and subsequent supply shortages," Mike Hawes, SMMT chief executive, said.

"Next year's outlook shows recovery is possible and EV growth looks set to continue but, to achieve our shared net zero goals, that growth must accelerate and consumers given every reason to invest," added Hawes.

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