In August, the British car market experienced a minor decline in demand, as reported by the Society of Motor Manufacturers and Traders (SMMT) on Thursday.New car registrations decreased by 1.3% year-over-year, totaling 84,575 units compared to 85,657 units in the same month last year.August typically sees lower sales volumes, with many consumers opting to wait for September’s new number plate release, according to the SMMT.Petrol and diesel vehicle sales dropped by 10.1% and 7.3%, respectively, although these fuel types still constituted over half of all new car acquisitions in August. Fleet purchases led the market, despite a slight 1.2% decline.Conversely, battery electric vehicle (BEV) registrations increased by 10.8%, bolstered by significant manufacturer discounts over the summer and an influx of new models appealing to buyers. The market share for BEVs reached 22.6%, the highest level recorded since December 2022.”While the growth in EV sales in August is encouraging, it’s important to note that this is traditionally a low-volume month, often skewed by pre-September number plate changes,” stated Mike Hawes, SMMT Chief Executive.”Promoting a widespread transition to electric vehicles continues to be a challenge. Immediate measures are necessary to address affordability issues and concerns regarding the availability of charging infrastructure,” he added.The material has been provided by InstaForex Company – www.instaforex.com
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