Hey folks! ๐ If you’re into cars, you’re gonna love this: July 2023 was a blockbuster month for UK car sales, despite a bit of economic gloom. But there’s a catchโletโs dive in.
The Need-to-Know Numbers
- New car registrations surged by 28% in July compared to last year. Yep, you read that right! ๐
- 143,921 new cars hit the streets, the highest since July 2020. ๐
- But heads up: this growth is a bit inflated since July 2022 was a low point for car sales. ๐ฌ
Whatโs Fueling the Growth?
- Supply chain issues are less of a headache now, meaning more cars are rolling out of factories. ๐ญ
- Company purchases led the way, with fleet registrations up by a massive 62% to 80,961 units! ๐
The Electric Angle
- EVs are buzzing too, with one battery electric car registered every minute. โก
- Electric and hybrid vehicles made up 35.4% of the market. That’s a lot of green wheels! ๐ฟ
Now, The Not-So-Great News
- Individual car purchases are “in the doldrums,” says Pantheon Macro. ๐คท
- Tough times like inflation and high interest rates have caused a 0.7% downgrade in expected vehicle registrations for 2024. ๐ธ
What’s Next?
- Car sales for the rest of 2023 are expected to be 10-15% below pre-COVID levels. ๐
- SMMT says we need even faster EV growth to hit environmental targets. ๐
So, while the car marketโs revving up, especially on the business side, weโre still waiting for a full-throttle recovery. Whether you’re into EVs or still contemplating the switch, one thingโs for sure: the UK car landscape is changing fast. Keep your eyes on the road for more updates! ๐๐