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The Latest Breaking News from SMMT

UK car production falls to lowest level since 1954

Number made fell to 780,000, the lowest for seven decades barring the pandemic, as carmakers battle weak demand and EV transition

The Guardian - UK

Car production falls amid slowdown in transition to electric vehicles

The SMMT reported a slowdown in the transition to electric vehicles.

Evening Standard

Government should stick to 2030 ban for petrol and diesel, demands Polestar chief

Stick to 2030 ban for petrol and diesel, says Michael Lohscheller, but bring in purchase and charging incentives

The Independent UK

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New car market up 2.6% in 2024

Pure battery electric new cars made up 19.6% of the new car market in 2024, with around 382,000 units.

Evening Standard

Electric car sales hit a record high in 2024 but fall short of government target

New car sales hit 1.95 million in 2024; EVs take 19.6 per cent share; Ford Puma is Britain’s best selling car, Volkswagen is Britain’s favourite car brand

The Independent UK

Car industry set to meet 2024 EV sales target, analysis finds

A think tank said this is because the zero-emission vehicle mandate takes into account credits from selling low-emission petrol and diesel cars.

The Independent UK

Car production fell by almost a third in November – industry body

The Society of Motor Manufacturers and Traders (SMMT) said 64,216 cars rolled off factory lines, 27,711 fewer than in November last year.

Evening Standard

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UK car boss calls for electric car incentives funded by taxes on petrol and diesel

The UK importer of Subaru and Isuzu says a new environmental tax would slash the prices of electric cars

The Independent UK

Rachel Reeves under pressure to scrap £2k electric car tax

It comes amid mounting concern over how the car industry will cope with current plans to boost the number of electric vehicles

The Independent UK

UK car production falls for the eighth month after slow take up of electric vehicles and looming fines

The poor figures come as car makers warn forthcoming fines for producing too many petrol and diesel cars could lead to more factory closures

The Independent UK

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

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

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Evening Standard

New car market fell 6% last month

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

The Independent UK

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 Guardian - 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’

Barchart

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?

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The Independent UK

New car market declines for first time in years

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

The Guardian - 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

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”

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