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New car market grew by nearly a quarter in August

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Some 85,657 new cars were registered last month, compared with 68,858 in August 2022.

Despite this improved performance, the market remained 7.5% below pre-pandemic levels, with 92,573 registrations in August 2019.

SMMT chief executive Mike Hawes said: “With the automotive industry beginning a second year of growth, recovery is under way with EVs energising the market. Registrations of new cars for fleets were up 58.4% year-on-year last month, but demand from private buyers was down 8.1%. “After years of heavily constrained new car supply struggling to keep pace with consumer appetite, for the first time since the pandemic we’re seeing production exceed demand, which is shown by the flattening retail sales numbers.”

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New car market grew by nearly a quarter in AugustSome 85,657 new cars were registered last month, compared with 68,858 in August 2022.
Source: Glasgow_Times - 🏆 76. / 59 Read more »