Automotive News Early November 2023
Estimated reading time 3 minutes
October new car market beats pre-pandemic levels, but subdued EV growth hinders green goals.
- October delivers 153,529 new car registrations, up 14.3% year-on-year and 7.2% above 2019.
- Battery electric vehicle (BEV) uptake records 42nd consecutive month of growth but struggles to increase market share, while charge point rollout improves in efforts to get ahead of need.
- New market outlook revised upwards to 1.886 million units with further growth anticipated in 2024, but BEV uptake expectations downgraded slightly.
October’s new car market grew by 14.3% to reach 153,529 registrations, 7.2% above pre-pandemic levels and marking the best performance for the month since 2018, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).
The 15th month of consecutive growth was driven almost entirely by large fleet registrations, which grew 28.8% to reach 87,479 units. Private demand was stable at 62,915 vehicles, a 0.3% increase, while the much smaller business sector saw registrations fall -15.2% to 3,135 units.
With the sustained increase in new car registrations, overall vehicle uptake is now up 19.6% in the first 10 months, with the market currently enjoying its best year since 2019.
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Britain’s new van market rises again but Autumn Statement must pave way for net zero growth.
- UK new light commercial vehicle market rises for 10th month in a row, up 17.7% to 26,342 units in October.
- Growth driven by doubling of demand for medium-sized vans, rising by 106.1%, while largest van models still most popular.
Battery electric van registrations fall -20.2%, with van-suitable charge point rollout and driving licence derogation needed in time to support green growth
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Connected and automated mobility revolution set to deliver £66 billion prize by 2040.
- UK rollout of connected and automated mobility (CAM) technology poised to deliver annual economic benefit as high as £66 billion by 2040, major new report shows.
- Tech could help save 3,900 lives and prevent 60,000 serious accidents – while adding 342,000 additional jobs, with 12,250 directly in automotive manufacturing by 2040.
- British public to benefit from potentially lower insurance premiums, less stressful commutes and greater freedom for those with restricted mobility, while businesses could move goods and perform industrial processes more efficiently.
- Industry calls for government to introduce new legislation in this parliament else risk losing the opportunity.
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Aston Martin has cut losses by almost a half as it reaches new audiences and customers. The luxury car manufacturer reported a year-to-date loss before tax of £260m, a 49% decrease from its year-to-date 2022 loss of £511m. This was also impacted by the revaluation of its US dollar-denominated debt
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