One year on from the first lockdown in March 2020, the new car market recorded its first growth since August with 29,280 more units registered compared to the same month last year, according to figures published today by the Society of Motor Manufacturers and Traders (SMMT).
Latest figures published by the Society of Motor Manufacturers and Traders (SMMT) show that the industry recorded its lowest February uptake since 1959, with 51,312 new cars registered. Registrations of petrol and diesel cars were [...]
Against a backdrop of Covid restrictions, an acceleration of the end of sale date for petrol and diesel cars to 2030 and Brexit uncertainty, the industry suffered a total turnover loss of some £20.4 billion. December’s vehicle registrations were reflective of what was a highly turbulent year, although the month showed signs of continued consumer interest in both used and electric vehicles.
New models and ongoing financial incentives helped initially to sustain UK demand in the month, but the introduction of a ‘firebreak’ lockdown in Wales on 23 October contributed to the nation recording 25.5% fewer registrations by the end of the month, which accounted for more than half of the overall UK decline.
Company car drivers remain uncertain over benefit-in-kind tax thresholds, but more importantly, the long term sustainable fiscal support available for electric vehicles and plug-in hybrids
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