Continued Uncertainty Sees A Fall In October Car Registrations

The SMMT have reported another fall in registrations with October year on year figures showing 153,599 cars registered 2.9% down on the same time last year. Overall the market is down 7.2% year-to date with 160,184 fewer registrations. VED, regulatory change and confusion over the diesel market are sited as big contributors to the fall. One positive amongst the gloom are the rise on EV registrations which hit 10,597 for October, a 30.8% increase over the same time last year, overall EV registrations are up 21.79% year to date with a total of 121,577 year to date representing a market share of 5.89%.

Mike Hawes, SMMT Chief Executive said “VED upheaval, regulatory changes and confusion over diesel have all made their mark on the market this year so it’s good to see plug-in registrations buck the trend. Demand is still far from the levels needed to offset losses elsewhere, however, and is making government’s decision to remove purchase incentives even more baffling. We’ve always said that world-class ambitions require world-class incentives and, even before the cuts to the grant, those ambitions were challenging. We need policies that encourage rather than confuse. Government’s forthcoming review of WLTP’s impact on taxation must ensure that buyers of the latest, cleanest cars are not unfairly penalised else we will see older, more polluting cars remain on the road for longer.”

For the full report please visit the SMMT website at https://www.smmt.co.uk/2018/11/new-car-market-falls-in-october-as-industry-calls-for-policies-to-boost-fleet-renewal/

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