Investor Alert

July 5, 2022, 4:38 a.m. EDT

U.K. new car sales dive 24% in June in the worst performance in 26 years

By Steve Goldstein

U.K. car sales skidded 24% in June, the worst performance for the month in 26 years.

The Society of Motor Manufacturers and Traders said 140,958 vehicles were registered, in what the trade body blamed on problems in component supply, which have been exacerbated by restrictions in China.

For the year, registrations have dropped 12%, the SMMT said.

The only segment to see growth was battery electric vehicles, which rose 15% in June and have surged 56% this year.

“With motorists facing rising fuel costs, however, the switch to an electric car makes ever more sense and the industry is working hard to improve supply and prioritize deliveries of these new technologies given the savings they can afford drivers,” said SMMT CEO Mike Hawes, in a statement.

In June, the top vehicles were Stelllantis’ (NYS:STLA) Vauxhall Corsa, Tesla’s (NAS:TSLA) Model Y and the BMW’s (ETR:XE:BMW) Mini. The Corsa is also the best seller on the year, followed by the Ford (NYS:F) Puma and the Nissan (TKS:JP:7201) Qashqai.

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