UK auto industry body cuts 2023 sales outlook for battery electric vehicles
Reuters
Published May 04, 2023 05:33
Updated May 04, 2023 10:24
(Reuters) -Sales of battery electric vehicles in 2023 are expected to take a hit in the UK from inflationary pressures and lack of charging points, though the overall outlook for British new car registrations has improved, an industry body said on Thursday.
The Society of Motor Manufacturers and Traders (SMMT) downgraded its forecast for battery electric vehicles' (BEVs) market share to 18.4% of sales for the year, from a previous estimate of 19.7%.
While SMMT's outlook for BEVs softened, the sector recorded strong performance in April, with year-on-year deliveries of BEVs surging by more than half to 20,522 vehicles and market share jumping from 10.8% to 15.4%.
"The broader economic conditions and charge point anxiety are beginning to cast a cloud over the market’s eagerness to adopt zero emission mobility at the scale and pace needed," SMMT Chief Executive Mike Hawes said in a statement.
New car registrations rose for the ninth consecutive month, jumping 11.6% in April from a year earlier, to 132,990 units, according to the industry data released by the Society of Motor Manufacturers and Traders (SMMT).
Hawes said the new car market was increasingly bullish as easing supply pressures provide a much-needed boost to sales.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.