Proactive Investors - New car sales in the UK reached more than a million in the first six months of the year for the first time since the pandemic, with signs the sector is finally recovering after years of headwinds.
Fresh data from the Society of Motor Manufacturers and Traders (SMMT) revealed new car registrations lifted by 1.1% in June to more than 179,250, taking the year-to-date figure to over one million.
However, when looking at the figures compared to pre-pandemic levels, new car sales are down more than 20%, indicating lingering weakness in the market.
So far in 2024, 1,006,763 new cars have been registered, up 6.0% on the previous year but still down -20.7% on 2019Here are the top ten models: https://t.co/cHHkC7a1Eq pic.twitter.com/jaiRRbqkQB
— SMMT (@SMMT) July 4, 2024
SMMT boss Mike Hawes said: "The year’s midpoint sees the new car market in its best state since 2021 – but this belies the bigger challenge ahead.
"The private consumer market continues to shrink against a difficult economic backdrop, but with the right policies in place, the next government can re-energise the market and deliver a faster, fairer zero emission transition.
"All parties are agreed on the need to cut carbon and replacing older fossil fuel based technologies with new electrified powertrains is the essential step to achieving that goal."