(Sharecast News) – UK new car registrations jumped 28% year on year in July, revealing another boom for battery electric cars – with one sold every 60 seconds, according to industry figures published on Friday.
However, Society of Motor Manufacturers and Traders (SMMT) cut growth forecasts for next year due to cost-of-living concerns.
July registrations hit 143,921 units, but the overall market lags behind the pre-pandemic levels and the SMMT reduced it growth expectations by 0.7% to 1.951 million units.
“With inflation, rising costs of living and a zero emission vehicle mandate that will dictate the market coming next year, however, consumers must be given every possible incentive to buy,” said SMMT chief executive Mike Hawes.
The market had witnessed non-stop growth this year as supply chain snags eased, driving up production and deliveries in July, the SMMT added.
“While the growth in electric vehicles hitting UK roads is significant, it must move even faster if it is to outpace the rest of the market and enable the UK to meet ambitious but necessary environmental targets,” SMMT added.
The industry body expects battery electric vehicles to snare 22.6% market share in 2024 after deliveries in July surged almost 88%.
Reporting by Frank Prenesti for Sharecast.com