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Economic News

UK car registrations post strongest jump since pandemic - SMMT

By Frank Prenesti

Date: Friday 05 Jan 2024

LONDON (ShareCast) - (Sharecast News) - UK new car registrations posted their strongest jump since the Covid pandemic as supply chains eased up and fleet demand drove sales, industry figures released on Friday revealed.


Sales rose 17.9% to 1.9 million vehicles in 2023 - the highest level since the 2.3 million registrations in 2019, the Society of Motor Manufacturers and Traders (SMMT) said. Year-on-year December new car sales were up 9.8%.

New car sales were driven by fleet owners increasing investments after supply chain issues and a chip shortage hit production during the pandemic.

Registrations for fleet deliveries increased 38.7% to 1 million of all cars sold in 2023.

Battery electric vehicle (BEV) sales rose to 314,687, up 50,000 more than in 2022, but fell slightly as a proportion of total registrations at 16.5% of total registrations, from 16.6%.

Reporting by Frank Prenesti for Sharecast.com

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