The UK new car market declined by almost a third in 2020 with demand falling the most since 1992, the Society of Motor Manufacturers and Traders, or SMMT, reported Wednesday.
New car registrations declined 29.4 percent to 1.63 million in 2020. This was the toughest year for the market since 1992, the lobby said.
According to SMMT, there was a 680,076-unit decline equivalent to GBP 20.4 billion in lost turnover in 2020.
In December, car sales fell 10.9 percent year-on-year to 132,682.
Mike Hawes, SMMT chief executive, said, “2020 will be seen as a ‘lost year’ for Automotive, with the sector under pandemic-enforced shutdown for much of the year and uncertainty over future trading conditions taking their toll.”
“However, with the rollout of vaccines and clarity over our new relationship with the EU, we must make 2021 a year of recovery,” Hawes added.
With the UK-EU Trade and Cooperation Agreement now in force, the industry has avoided a catastrophic ‘no deal’ scenario and can plan for a future with more certainty over trading conditions, the lobby observed.
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