LONDON: British new car registrations fell 9.3 percent in September, a key month of the year which normally accounts for up to 20 percent of annual demand, making it highly likely that sales this year will be down for the first time since 2011.
Sales totaled cars 426,170 vehicles last month with demand falling across the board, data from the Society of Motor Manufacturers and Traders (SMMT) showed on Thursday.
Demand for diesel cars slumped 21.7 percent and petrol fell 1.2 percent, while sales to fleet business buyers declined 10.1 percent and among consumers fell by 8.8 percent.
September is normally a strong month for car sales, due to the six-monthly change in the license plate series indicating the age of vehicles, but demand in Europe’s second-biggest market has slumped over the last few months.
Sales have fallen year-on-year since April due to a combination of factors including increased vehicle excise duty, possible new levies on diesel cars, weaker consumer confidence partly due to uncertainty around Brexit, and comparisons with record sales in 2015 and 2016.
“September is always a barometer of the health of the UK new car market so this decline will cause considerable concern,” said SMMT Chief Executive Mike Hawes.
“Business and political uncertainty is reducing buyer confidence, with consumers and businesses more likely to delay big ticket purchases.”
UK car sales set for first annual decline since 2011
UK car sales set for first annual decline since 2011
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
