The Society of Motor Manufacturers and Traders appeared at an informal meeting of the transport committee this morning. They are predicting dire consequences for their members during the recession.
In 2004 new car registrations peaked at over 2.6 million, but by Summer this year they had declined to around 2.4 million. Projections indicate that this figure will plunge to 1.9 million in 2009, with a slow recovery thereafter - but these are only projections, and they are getting worse as they are revised each month. One manufacturer stated that numbers of new registrations could continue to fall further and for longer.
This poses a problem for plans to improve emissions by introducing new technology, because if new cars are not selling, the new technology is not being used, even though it is now available.
The crash is causing long term problems way beyond the financial markets.
In 2004 new car registrations peaked at over 2.6 million, but by Summer this year they had declined to around 2.4 million. Projections indicate that this figure will plunge to 1.9 million in 2009, with a slow recovery thereafter - but these are only projections, and they are getting worse as they are revised each month. One manufacturer stated that numbers of new registrations could continue to fall further and for longer.
This poses a problem for plans to improve emissions by introducing new technology, because if new cars are not selling, the new technology is not being used, even though it is now available.
The crash is causing long term problems way beyond the financial markets.
2 comments:
This is certainly borne out by my own observations.
In the past I have usually seen more than one vehicle on the first day of each registration period. By the end of the first week they have begun to become commonplace.
I saw no '58' registrations until at least the third week in September, and have since seen no more than a half dozen in total. That is almost two months. In times past I would have expected to see that number during the first two days.
Oh well, the Government will just have to increase taxation on motorists, I'm sure that will 'improve' the situation, just as such measures have now brought us to the wonderful Utopia of Labour financial management.
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