UK New car market on the rise in August

UK New car market on the rise in August

Positive Growth in Car Registrations In the UK, there were 85,657 new car registrations recorded last month, marking a notable increase compared to the 68,858 registrations in August 2022. This upswing in performance indicates a positive trend in the automotive market.

Market Still Below Pre-Pandemic Levels Despite the encouraging growth, the market remains 7.5% below pre-pandemic levels. In August 2019, there were 92,573 registrations, highlighting the ongoing impact of the pandemic on the automotive industry.

Growing Demand for Electric Vehicles (EVs) One noteworthy aspect of the market is the increasing demand for electrified vehicles (EVs). These vehicles, which include electric cars and hybrids, accounted for nearly two out of every five new cars registered during the period.

SMMT CEO’s Perspective Mike Hawes, the chief executive of the Society of Motor Manufacturers and Traders (SMMT), acknowledged the positive trajectory of the automotive industry, with a second year of growth on the horizon. He emphasized the role of EVs in driving this market expansion.

Call for Government Support However, Hawes also highlighted the need for clarity from the government regarding the upcoming zero emission vehicle mandate, set to take effect in less than 120 days. He stressed that manufacturers require detailed information to plan effectively. Furthermore, he called on the government to align its actions with its ambitious goals by providing incentives and infrastructure to encourage drivers to transition to EVs.