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Another big fall in new LCV registrations reported
Date: Monday, September 5, 2022 | Author: Sean Keywood
The UK new LCV market fell by 24.6% year-on-year in August, according to data from the Society of Motor Manufacturers and Traders (SMMT).
Continuing the pattern of registrations falling every month so far this year, August’s performance was also the worst seen in the month since 2017.
However, according to the SMMT, the scale of decline is exaggerated by August 2021 having been the second-best performance since the current number plate change regime was introduced.
Global supply chain challenges continue to be blamed for the current market decline, along with growing economic headwinds.
All market segments saw declines, with the best-selling 2.5-3.5t van segment actually the best performer with a 14% drop in registrations, to 12,176.
Vans weighing 2.0-2.5t were down by 45.3%, to 1,579, and vans weighing less than 2.0t were down by 44.1%, to 493.
Pick-up trucks were down by 52.2%, to 1,175, and 4x4s were down by 49.7%, to 97.
Battery electric LCV registrations were up by 14.7% year-on-year, and took a 6.1% market share.
SMMT chief executive Mike Hawes said: “Last year’s bumper LCV market meant it was always going to be challenging to repeat that success in 2022, and increasingly strong economic headwinds and supply chain challenges continue to test the market.
“Good progress is being made in the transition to electric, but accelerating the switch will need action from the new Prime Minister to tackle energy costs and inflation, while also encouraging greater charging infrastructure rollout, so that businesses can have greater confidence to upgrade their van fleets to cleanest, greenest models.”
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