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The Latest Breaking News from SMMT

British car production falls for eighth month in a row

The Society of Motor Manufacturers and Traders said UK factories made 15.3% fewer cars in October this year than October 2023.

Evening Standard

Electric vehicle targets not working as intended, says Business Secretary

Jonathan Reynolds said he was ‘profoundly concerned’ about the impact of the policy following news Vauxhall owner would close a factory in Luton.

Evening Standard

Pace of electric vehicle transition could ‘devastate’ car industry – trade body

SMMT found 2024 EV sales will still fall well short of the target set out in the Government’s zero emission vehicle mandate.

Evening Standard

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Sales of used electric cars reach record high

Some 53,423 of the cars changed hands between July and September, the Society of Motor Manufacturers and Traders said.

The Independent UK

New car market fell 6% last month

The Society of Motor Manufacturers and Traders said 144,288 new cars were registered in the month.

Evening Standard

Why demand for diesel cars is surging ahead of electric vehicles despite all the discounts

Registrations of new diesel cars in September for private buyers grew by around 17.2 per cent

The Independent UK

Carmakers ramp up pressure on chancellor for EV sales subsidies

Bosses say cost of complying with zero-emission vehicle mandate is ‘astronomical, and unsustainable’

The Guardian - UK

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Up 1,123% YTD, Is It Too Late to Buy This Breakout Biotech Stock?

Summit Therapeutics is a clinical-stage biotech company that has returned over 1,100% in 2024. Is the stock still a good buy right now?

Barchart

New car market declines for first time in years

Some 84,575 new cars were registered in the UK last month

The Independent UK

US stocks rise on faster economic growth despite Nvidia nerves – as it happened

Live coverage as US GDP figures show faster economic growth but Nvidia share price falls in after hours trading

The Guardian - UK

UK carmakers say they may miss government targets on EV sales

Industry downgrades forecast for sales of battery vehicles after 18.8% rise in July on a year earlier

The Guardian - UK

First-half sales of new cars in UK pass 1m for first time since before Covid

Figures are a relief for the recovering industry but the growth is almost entirely business and fleet buyers

The Guardian - UK

UK construction activity grows despite housebuilding drop; EV sales rise to make up fifth of new car market – as it happened

Pound steady as UK votes; global stocks extend rally on US rate cut hopes

The Guardian - UK

Worried carmakers call for urgent UK help to reignite waning interest in electric vehicles

Sector wants tax cuts, better buying incentives and more electric charging points as sales in EVs stall

The Guardian - UK

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Evening Standard

Car industry bosses slam Government for lack of switching incentives as personal electric vehicle sales dip

The SMMT said that the car industry was already offering “generous incentives” to customers to buy electric vehicles, but that this “cannot be sustained”

The Guardian - UK

UK new car sales reach highest February figure in 20 years

Purchases of electrical vehicles for commercial fleets power 14% year-on-year rise in 19th month of growth

The Guardian - UK

Revealed: car industry was warned keyless vehicles vulnerable to theft a decade ago

Experts alerted motor trade to security risks of ‘smart key’ systems which have now fuelled highest level of car thefts for a decade

The Guardian - UK

Millionth pure battery electric car sold in UK after 20 years

Industry lobby group says 2m could be reached within two years in rapid shift away from polluting fossil fuels

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The Independent UK

UK car production increases again

More than four in five cars were shipped abroad, with export growth driven by a 58% rise in shipments to the EU, the SMMT said.

The Independent UK

Twice as many used electric cars sold in UK than year ago – figures

Some 34,021 pure battery electric cars changed hands between July and September, the Society of Motor Manufacturers and Traders said.

InsideEVs

UK: Plug-In Car Sales Improved By 33% In October 2023

In October, 38,228 new plug-in cars were registered in the UK (33% more than a year ago), which is 24.9% of the total market.

The Guardian - UK

UK construction output falls again; job cut fears as British Steel confirms plans to shut blast furnaces – business live

UK housebuilding decreased for the eleventh month running in October, while 2,000 jobs could be threatened if British Steel replaces two blast furnaces in Scunthorpe

The Independent UK

Increase in UK car production reaches almost 40%

Exports increased by a third last month, with almost six in 10 new vehicles going to the EU.

The Guardian - UK

Delay EU tariffs to help sales of electric cars, says UK car industry

Brexit trade deal gave UK and EU carmakers until 1 January 2024 to source batteries from within Europe or face 10% tariffs

The Independent UK

New post-Brexit rules ‘could add £3,400 to electric car price tags’

The Society of Motor Manufacturers and Traders has called on the UK and EU to postpone the implementation of tougher rules of origin requirements.

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