New car sales in the United Kingdom slumped to a 30-year low in October as the sector was weighed down by the ongoing semiconductor shortage, industry figures revealed. EXV5 is up 0.88%.
- New car registrations were recorded at 106,265 vehicles in October, reflecting a 25% decline from the previous year.
- The latest figure is the lowest since 1991, marking the lowest in three decades.
- Society of Motor Manufacturers and Traders Chief Executive Mike Hawes attributed the decline to supply constraints, which has hit the global auto industry.
- Hawes also noted economic headwinds such as the uptick in inflation, tax hikes, and low consumer confidence.
- Full-year sales are projected at 1.66 million vehicles, 1.9% higher than the 2020 performance during the peak of the COVID-19 lockdowns.