However, the numbers are still far below the pre-pandemic year sales of 2019, and demand from individual private buyers has collapsed amid a crisis related to cost of living, according to figures from the Society of Motor Manufacturers and Traders (SMMT). In the first half of 2024, 1,006,763 new cars were registered; this amount is 6% higher than the previous year, but it is still 20.7% less than 2019 registrations. The total new car market grew by 1.1% year over year, with the growth occurring only in June due to corporate car purchases. Fleet purchases increased by 14.2%, while non-corporate retail demand continued to decline.
Just four out of every ten new registrations last month were related to retail transactions.
According to the news, private customers registered 67,625 new cars in June, a 15.3% decrease from 79,798 in the same month the previous year.
Amidst a challenging economic environment, the private consumer market is still contracting. However, News CEO Mike Hawes stated that the future government has the ability to revitalize the sector and expedite a more equitable transition to zero emissions by implementing the appropriate policies.
By the end of this year, electric cars (EVs) must account for twenty-two percent of sales for UK automakers.
