UK’s new car sales drop 24% to mark weakest June since 1996

British new car registrations fell 24% in June from a year earlier, marking the weakest month in 26 years, as the sector struggled with persistent supply shortage of components due to China’s COVID-19 restrictions, industry data showed on Tuesday.

The British auto industry, already reeling from a severe shortage of semiconductors, is now bracing for a cost of living crisis in the country as people limit their spending to necessities and stay away from big ticket items, reports Reuters.

New car registrations in Britain fell to 140,958 units, according to final figures from the Society of Motor Manufacturers and Traders (SMMT).

In May, SMMT cut 2022 outlook for new cars registered to 1.72 million from 1.89 million forecast earlier.

Lockdowns in China aggravated the shortage of essential auto components, hampering the industry’s ability to fulfil demand. Globally, the automobile industry has been one of the hardest hit by supply-chain snags.

Read full story

About The Author

Leave a Reply

Your email address will not be published. Required fields are marked *