The UK car industry is predicting a £21.2bn hit from lost sales this year as it reports its weakest September sales for new vehicles on record.
The Society of Motor Manufacturers and Traders said demand for the new issue plates, which usually drive a spike in business during the month, remained muted as the industry faced down a"myriad" of challenges - chiefly the fightback from theIt reported a record low for new registrations since the creation of the dual plate system in 1999 with 328,041 new 70 plate cars sold.That represented a fall of 4.
One bright spark to emerge in last month's figures for the industry was a leap sales of battery electric and plug-in hybrid vehicles.The SMMT reported year-on-year growth in September of 184.3% and 138.6% respectively - crediting new models at a time when the government is moving to curb the sale of new petrol and diesel vehicles to help fight climate change.More from Business
Only way to turn slump around is to lower prices and charge less taxation
With the perpetual threat of another lockdown. Unless a business directly benefits from the economic environment NO one business or individual in their right mind is going to invest or take on more debt. If things carry on as is mass job losses for Xmas & defaults for new years!