Home Business NewsBusinessAutomotive News New car market grew by 24.4% in August

New car market grew by 24.4% in August

by LLB staff reporter
5th Sep 23 11:00 am

The Society of Motor Manufacturers and Traders (SMMT) said that the new car market grew by 24.4% as 85,657 new cars were registered, compared 68,858 the previous year of the same month.

Electric vehicles sales continue to grow which now accounts for almost two out five cars being bought.

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.

“But with a new zero emission vehicle mandate due to come into force in less than 120 days, manufacturers still await the details.

“Businesses cannot plan on the basis of consultations, they need certainty.

“And now, more than ever, Government must match action to ambition, ensuring there are the incentives and infrastructure in place to convince drivers to make the switch.”

Ian Plummer, commercial director at online vehicle marketplace Auto Trader, said: “The headline figures are positive, but there’s a clear divide in the market.

“The growth is being almost exclusively fuelled by strongly rising fleet sales, but the proportion of retail sales is softening, underlining the pressure on consumers.

“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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