A gloomy picture is compounded by fewer cars rolling off production lines

Richard Peberdy comments on the latest SMMT car registration figures

Richard Peberdy comments on the latest SMMT car registration figures

Commenting on the latest SMMT car registration statistics (4 November) Richard Peberdy, UK head of automotive at KPMG, said:

“October is traditionally a quieter month after September’s plate change. But a gloomy picture is compounded by fewer cars rolling off production lines due to supply chain challenges, and the beginnings of shakier consumer confidence with the looming threat of interest rate rises. Such factors are contributing to a booming second-hand market at the cost of new car sales.

“The impact that record high fuel prices will have on pushing motorists towards electric vehicle (EV) options shouldn’t be understated. Yet EVs aren’t insulated from the wider energy crisis. A tough winter for energy companies will make plug-in drivers think carefully about their tariffs to avoid unexpectedly high bills.”

ENDS

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About KPMG UK

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff.  The UK firm recorded revenue of £2.3 billion in the year ended 30 September 2020.

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax, and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

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