U.K. sales jump 28% in July on EV demand

U.K. new-car registrations increased 28 percent in July to 143,921, according to figures from the SMMT industry association.

The growth came as supply chain challenges eased, allowing automakers to increase production and fulfill backlogs in orders.

Battery-electric vehicles recorded an 88 percent increase to account for 16 percent of all new registrations for the month.

The SMMT said company registrations also drove the growth, as uptake by large fleets increased 62 percent to 80,961 units and business registrations rose 29 percent to 2,915. Private demand remained stable at 60,045 units.

The SMMT forecasts overall U.K. registrations to reach 1.85 million this year, with full-electric cars expected to take a 17.8 percent market share or 330,000 units.

The SMMT marginally lowered its outlook for 2024 by 0.7 percent to 1.95 million units, reflecting concerns about the cost of living.

BEVs are expected to achieve an overall 22.6 percent market share next year, reaching sales of 440,000 units.

Reuters contributed to this report