Home Business NewsBusinessAutomotive News New car sales plummet to lowest level since 1992

New car sales plummet to lowest level since 1992

by LLB Reporter
5th Jan 23 9:56 am

According to the Society of Motor Manufacturers and Traders (SMMT), new car registrations fell to the lowest levels since 1992 amid supply shortages.

The SMMT said that in 2022 1.61 million new cars were registered compared to 1.65 million the previous 12 months.

The decline was dues to global supply issues such as semiconductor shortages due to the Covid lockdowns in China meaning manufacturers were unable to meet the demand for new cars.

SMMT chief executive Mike Hawes said, “Manufacturers have really struggled to be able to make the vehicles in sufficient quantities, primarily due to semiconductor shortages but there are other parts shortages behind that as well.

“Lockdowns in China have not helped, high logistics costs, more pressure on raw materials.

“The complexities of global manufacturing have really been brought to bear heavily on the industry this past year.”

He went on: “The automotive market remains adrift of its pre-pandemic performance but could well buck wider economic trends by delivering significant growth in 2023.

“To secure that growth – which is increasingly zero emission growth – government must help all drivers go electric and compel others to invest more rapidly in nationwide charging infrastructure.”

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