Latest news with #SocietyofMotorManufacturers&Traders
Bloomberg
5 days ago
- Automotive
- Bloomberg
Chinese Carmakers Near 10% UK Share After Fivefold BYD Surge
Chinese automakers stepped up their push into the UK last month, closing in on a 10% market share for the first time as demand for BYD Co. electric models continues to boom. Brands whose vehicles are manufactured in China cornered 9.4% of the British new car market in May, up from 7.7% the month earlier, according to data from the Society of Motor Manufacturers & Traders trade body.
Yahoo
27-03-2025
- Automotive
- Yahoo
Harsh net zero rules will force more car factories to close, industry warns
Overly ambitious sales targets and new taxes on electric vehicles (EVs) are putting more UK car plants at risk of closure, manufacturers have warned. After UK production fell for a 12th successive month in February, the Society of Motor Manufacturers & Traders (SMMT) criticised Rachel Reeves for failing to support the industry during her Spring Statement. The trade body said a lack of subsidies for drivers contributed to the latest 11.6pc drop in monthly production, claiming the decline would only worsen after new taxes were introduced on EVs next month. Mike Hawes, the SMMT's chief executive, said: 'These are worrying times for UK vehicle makers with car production falling for 12 months in a row, rising trade tensions and weak demand. 'It was disappointing, therefore, to hear a Spring Statement that did nothing to alleviate the pressure on manufacturers and, moreover, confirms the introduction next month of additional fiscal measures which will actually dissuade consumers from investing.' He added: 'Without substantive regulatory easements, our manufacturing viability remains at risk and the UK's transition to zero-emission mobility under threat. 'The market transition is not keeping pace with ambition and, while the industry can deliver growth – and green growth at that – it needs policies to deliver that reality.' With EVs struggling to gain traction, the SMMT said the Government should take steps to bolster demand. This includes reconsidering a policy change set to be introduced next month that will see EVs that cost more than £40,000 pay a higher rate of road tax. The SMMT also said VAT on new battery electric vehicles should be halved. The latest drop in production comes after Vauxhall owner Stellantis confirmed that its Luton plant would close next month, claiming that net zero rules were partially responsible for the decision. In particular, bosses criticised the Government's ZEV mandate, which requires at least 28pc of cars sold by manufacturers to be electric. Meanwhile, the latest SMMT figures revealed that more than half of the cars built in the UK in February went to the EU, with 20pc going to the US. Overall production also fell to 82,186 cars in February, which was 10,787 fewer than last year. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
27-03-2025
- Automotive
- Telegraph
Harsh net zero rules will force more car factories to close, industry warns
Overly ambitious sales targets and new taxes on electric vehicles (EVs) are putting more UK car plants at risk of closure, manufacturers have warned. After UK production fell for a 12th successive month in February, the Society of Motor Manufacturers & Traders (SMMT) criticised Rachel Reeves for failing to support the industry during her Spring Statement. The trade body said a lack of subsidies for drivers contributed to the latest 11.6pc drop in monthly production, claiming the decline would only worsen after new taxes were introduced on EVs next month. Mike Hawes, the SMMT's chief executive, said: 'These are worrying times for UK vehicle makers with car production falling for 12 months in a row, rising trade tensions and weak demand. 'It was disappointing, therefore, to hear a Spring Statement that did nothing to alleviate the pressure on manufacturers and, moreover, confirms the introduction next month of additional fiscal measures which will actually dissuade consumers from investing.' He added: 'Without substantive regulatory easements, our manufacturing viability remains at risk and the UK's transition to zero-emission mobility under threat. 'The market transition is not keeping pace with ambition and, while the industry can deliver growth – and green growth at that – it needs policies to deliver that reality.' With EVs struggling to gain traction, the SMMT said the Government should take steps to bolster demand. This includes reconsidering a policy change set to be introduced next month that will see EVs that cost more than £40,000 pay a higher rate of road tax. The SMMT also said VAT on new battery electric vehicles should be halved. The latest drop in production comes after Vauxhall owner Stellantis confirmed that its Luton plant would close next month, claiming that net zero rules were partially responsible for the decision. In particular, bosses criticised the Government's ZEV mandate, which requires at least 28pc of cars sold by manufacturers to be electric. Meanwhile, the latest SMMT figures revealed that more than half of the cars built in the UK in February went to the EU, with 20pc going to the US. Overall production also fell to 82,186 cars in February, which was 10,787 fewer than last year.
The Guardian
10-02-2025
- Automotive
- The Guardian
UK used electric vehicle sales hit record last year as prices fell
A record number of used electric vehicles (EVs) were sold in the UK last year, as prices eased and the choice of cars widened, according to industry data. Total sales of used cars rose by 5.5% in 2024, as 7.6m vehicles changed hands, according to the Society of Motor Manufacturers & Traders (SMMT). Sales rose in every month last year, as they did in 2023. Secondhand EVs were more in demand than ever, as consumers and businesses acquired 188,382 cars – 57.4% more than the year before. They made up 2.5% of the overall used car market. Some popular models of used electric car, including the Tesla Model 3 and Kia e-Niro, have fallen significantly in price in recent years, and in some cases reached near-parity with petrol cars. Colin Walker, the head of transport at the Energy & Climate Intelligence Unit, said: 'It is no coincidence that such strong sales growth comes on the back of EVs largely reaching price parity with petrols on the secondhand market. It demonstrates that once prices come down, the demand for electric driving is very much there.' Black remains the top colour choice among buyers of secondhand cars and superminis are the most popular car type, the SMMT said. James Hosking, the managing director of AA Cars, said: 'The used car market is on a roll … With more electric and hybrid vehicles entering the secondhand market, buyers now have a wider selection than ever, helping to drive demand. 'This surge underscores a key consumer trend – affordability is king. With household budgets under strain, many are opting for nearly new models over splashing out on a brand-new car.' Carmakers also sold a record number of new electric cars in the UK last year. Nearly a fifth of the 1.95m vehicles sold were electric, up from 16.5% in 2023. Among new cars, sports utility vehicles were dominant, outselling other popular types of car such as the supermini for the first time. SUV sales were helped by the shift to electric, as bulkier cars have more space for a battery. EV sales have surged in Britain in recent years because of rules forcing manufacturers to sell more every year in an effort to cut the carbon dioxide emissions of transport, which accounted for 28% of all domestic UK carbon pollution in 2022. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Under the zero emission vehicle (ZEV) mandate, 80% of new cars and 70% of new vans sold in the UK will be zero emission by 2030, increasing to 100% by 2035. However, the government is preparing to relax the ZEV mandate amid falling demand for EVs across the global new car market. Walker said: 'With 80% of car sales taking place on the secondhand market, it has a vital role to play if millions of UK households are to access the £1,600 in annual savings that can come from owning an EV. 'But its growth is dependent on supply, which is why the government's ZEV mandate has such an important role to play in ensuring that everyone is able to make the move to EVs. The more new EVs are sold today, the quicker the secondhand market will grow.'
