British new car sales this year will be lower than previously thought as the cost-of-living squeeze in Britain and persisting chip shortages impact the auto market, industry data showed on Thursday.
The Society of Motor Manufacturers and Traders (SMMT) said 2022 outlook for new cars registered has been cut to 1.72 million from 1.89 million forecast earlier.
"The worldwide semiconductor shortage continues to drag down the market, with global geopolitical issues threatening to undermine both supply and demand in the coming months," SMMT CEO Mike Hawes said.
UK registrations fell 16 percent to 119,167 units in April, according to the latest figures by the SMMT, with electric vehicles making up nearly 28 percent of the registrations.