Britain’s new car market witnessed its best year since the COVID-19 pandemic as easing supply chain issues helped fulfil pent-up demand for fleet vehicles, an industry body said on Friday.
Final data from the Society of Motor Manufacturers and Traders (SMMT) showed that 1.9 million vehicles were sold in 2023, an increase of 17.9% from a year ago and the highest level since the 2.3 million registrations in 2019.
Meanwhile, year-on-year December new car sales grew 9.8%.
The new car market recovery was fuelled by fleet owners increasing investments after supply chain issues and a chip shortage slowed production during the pandemic.
CT Automotive plc (LON:CTA) designs, develops and manufactures automotive interior finishes and complex kinematic assemblies for the most well-known automotive brands on the planet. These critical components are managed through an intricate global network of reactive supply chains to arrive JIT (Just in Time) at their respective OEM manufacturing plants.