UK car sales start to stabilise

ERJ staff report (DS)

London - The UK's January new car market held firm with 128,853 registrations, marginally up on January 2011.

Paul Everitt, Chief Executive of the UK car-makers' federation, the Society of Motor Manufacturers and Traders (SMMT) welcomed the new figures as a sign of stability in uncertain economic times.

Nevertheless, SMMT revised down its full year forecast of the new car market in 2012 to 1.92 million units, a 1.1 percent drop on the 1.94 million unit outturn in 2011. The economic outlook remains weak and continues to make the new car market challenging, but new and more efficient products should provide support to volumes as we move forward through 2012. The market is expected to grow to 1.98 million units in 2013.

January typically accounts for around 7 percent of annual registrations, ahead of the key March market, which typically represents 18 percent of the annual market and approximately 65 percent of volumes registered in quarter one.

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Press release from SMMT