Deloitte comments on SMMT new car registration figures has been saved
Deloitte comments on SMMT new car registration figures
04 November 2022
Jamie Hamilton, automotive partner and head of electric vehicles at Deloitte, said:
“New car registrations grew in October by 26.4% compared to the same period last year, marking a third consecutive month of growth. Whilst sales might typically dip following a new plate month, October’s sales growth was seen across both fleet and private sales - increasing by 47.4% and 7.4%, respectively.
“The figures come at a time of rising interest rates - the base rate reaching 3% just this week – making the cost of financing a new car more expensive, and could soften demand as many consumers delay major purchases. This also comes as manufacturers start to emerge from the microchip shortage and supply chain issues.
Electric vehicle demand remains strong
“Demand for electric vehicles continues to remain strong, with volumes up 23.4% compared to October 2021, and reaching a market share of 14.8%. These figures reflect a market with greater selection of vehicles and improved battery range, and also mark growing consumer confidence in charging infrastructure - albeit there is still a long way to go. However, with fuel prices also remaining high, this will undoubtedly be a key consideration for those consumers considering a switch.
“Until recently, financial incentives were also a major factor in consumers’ decision to move across to electric. For the time being, benefit-in-kind taxes still offer significant cost savings for those who can access an EV via their company car scheme.”
Notes to Editors
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.
The information contained in this press release is correct at the time of going to press.
For more information, please visit www.deloitte.co.uk.