Used car market falls despite electric boost.
- UK used car market falls -18.8% in Q2 2022 with 1,759,684 cars changing hands.
- First half transactions down -8.3% on last year and market now -12.8% year to date behind pre-pandemic 2019.
- Battery electric vehicles (BEVs) see boost of 57.1% to reach one in 105 transactions.
The UK’s used car market shrank by -18.8% during the second quarter of 2022, with 1,759,684 transactions taking place, according to the latest figures released today by the Society of Motor Manufacturers and Traders (SMMT). Some 407,820 fewer vehicles changed hands compared with the same period last year, although the scale of this decline was artificially inflated by comparison with 2021 when the easing of Covid restrictions saw the busiest second quarter since records began. By comparison, Q2 2022 was -13.5% behind pre-pandemic 2019.
Indian automaker Tata Motors has agreed to buy a Ford manufacturing plant in the western state of Gujarat for 7.26bn rupees ($91.5m). The deal comes as Tata moves to boost its car production to meet demand.
The deal between Tata’s electric vehicle subsidiary and the US car maker’s Indian unit covers land, machinery and all “eligible employees”.
July LCV market down despite increasing demand for electric vehicles.
- Britain’s light commercial vehicle market falls -20.7% in July, the seventh consecutive month of year-on-year decline, with 18,722 new units registered.
- Battery electric van (BEV) registrations rise 21.2% in the month and 55.7% in year to date amid industry investment towards Net Zero, but sector’s transition still two years behind cars.
- Industry outlook revised downwards, now expecting year to finish -13.7% behind robust 2021.
bp has unveiled plans to invest up to £50m in a new, state-of-the-art electric vehicle (EV) battery testing centre and analytical laboratory in the UK.
bp has previously announced its intention to invest up to £18bn in the UK’s energy system by the end of 2030; this additional new investment is a further example of bp’s commitment to the country.
Planned to open by the end of 2024, the new facilities will be located at bp’s existing global headquarters for its Castrol business in Pangbourne, Berkshire, and will support the technology, engineering and science roles housed there today.
The site already undertakes research and development of fuels, lubricants and EV fluids and aims to become a leading hub for fluid technologies and engineering in the UK.
New car registrations fall as supply issues continue to bite.
- UK new car registrations fall -9.0% to 112,162 units as supply chain shortage continues to frustrate order fulfilment.
- Battery electric vehicles (BEV) buck trend, growing market share to 10.9%, but pace of growth slows.
- Industry outlook revised downwards, now anticipating a -2.8% fall in 2022 total new car registrations.
UK new car registrations fell by -9.0% to reach 112,162 units in July, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). The result marks the fifth month of consecutive decline, although the fall is the smallest recorded this year.