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New car market increased by around 14% in October

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Around 153,000 new cars were registered last month, the Society of Motor Manufacturers and Traders (SMMT) said.

The number of new cars registered in the UK in October increased by around 14%, preliminary figures show.

The SMMT will slightly revise upwards its forecast for the number of new cars that will be registered in 2023 and 2024.Its previous forecast, issued in July, predicted that registrations would reach around 1,847,000 this year and 1,951,000 next year.At least 22% of new cars sold by each manufacturer in the UK next year must be zero emission – which generally means pure electric – under the Government’s zero-emission vehicles mandate.

“This, paired with the potential £153 saving per 1,000 miles when fuelling an electric car, mean that right now it’s a great time to consider going electric. Tariffs of 10% are due to be imposed on exports of electric cars if at least 45% of their value does not originate in the UK or EU.

Source: News Formal (newsformal.com)

 

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