UK New Car Registrations Surged For Third Consecutive Month in October 2022

The UK's new car registrations witnessed a boost for the third straight month in October 2022, with hybrids and electric cars taking the lead.

Fleet registrations went up 47.4 per cent to 67,911 vehicles, as per the new data from the Society of Motor Manufacturers and Traders (SMMT). In contrast, requirements from private customers grew 7.4 per cent to 62,714 units. We also saw a 108.6 per cent jump in corporate registrations, but this is a small market sector.

Registrations of zero-emission cars increased 23.4 per cent to 19,993, while the PHEVs went up 6.2 per cent to 8,899. We also saw an 81.7-per-cent surge in registrations of traditional hybrid cars.

Possibly, the biggest news is the new Ford Fiesta topping the sales charts even though the automaker announced to stop its sales after 46 years.

Despite this surge in sales for October 2022, the continuing supply chain problems, escalating inflation, and rising living expenses have forced the SMMT to adjust its market outlook for 2022, sliding by 2.2 per cent.

About 1.566 million new car registrations are expected for the ongoing year, making it the poorest 12 months for the automotive market since 1982. The positive thing is an expected market share of 21.9 per cent for PHEVs. The SMMT predicts the market will improve next year and will witness 1.808 million new car registrations.

Mike Hawes, chief executive of the SMMT, stated: “A strong October is hugely welcome, albeit in comparison with a weak 2021, but it is still not enough to offset the damage done by the pandemic and subsequent supply shortages.”

 "Next year's outlook shows recovery is possible, and EV growth looks set to continue, but to achieve our shared net zero goals, that growth must accelerate, and consumers are given every reason to invest.”

“This means giving them the economic stability and confidence to make the switch, safe in the knowledge they will be able to charge – and charge affordably – when needed. The models are there, with more still to come; so must the public charge points.”

Source: AutoExpress

Image: Car Guru