Deloitte comments on new SMMT car reg figures for July 2024
Jamie Hamilton, automotive partner and head of electric vehicles at Deloitte said:
“While car sales push forward, all the growth is coming from fleet as private demand continues to suffer. However, we are seeing some signals in the market that consumer sentiment is rising. We could see demand from private consumers start to pick up in the second half of the year as the Bank of England recently announced its first interest rate cut since 2020.
“Despite the battery electric vehicle sector outperforming the rest of the market, the industry requires continued clarity on the ban of new petrol and diesel car sales so that it can plan investments accordingly.
“If the ban on new petrol and diesel car sales is to be maintained or moved forward, we can expect further calls from within the industry for financial incentives on electric vehicles to support demand. In the meantime, for consumers seeking more affordable options, there are cheaper electric vehicle models becoming available, including a number of new brands entering the market.”
ENDS
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