UPDATE: UK Sept Car Registrations -21%; Worst For 17 Yrs
Monday October 6th, 2008 / 13h59
(Adds detail and comment) By Jonathan Buck Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- Registrations of new cars in the U.K. in September tumbled 21.2% from a year ago, the fifth consecutive monthly drop and the worst figures for 17 years. The Society of Motor Manufacturers and Traders, which compiles the data, called for government support to help restore consumer confidence. "The chancellor's pre-budget report should set out a package of measures to boost demand for new fuel-efficient cars and scrap plans for unfair increases in car tax," said Paul Everitt, chief executive of the Society of Motor Manufacturers and Traders. New registrations fell to 330,295 vehicles in September from 419,290 a year ago, and the year-to-date volume fell 7.5% to 1,794,419 vehicles from 1,940,515. Large cars saw sharper sales falls then small cars, although both Volkswagen AG's (VOW.XE) Audi and Tata Motors Ltd.'s (TTM) Jaguar bucked the trend and saw volumes rise in September. Only the mini segment posted growth in September, thanks to Daimler AG's (DAI.XE) smart, Hyundai Motor Co.'s (005380.SE) i10 and the Agila, produced by General Motors Corp.'s (GM) Vauxhall brand. Vauxhall's compact Corsa model was the best-selling car for the second consecutive month. But the Vauxhall brand still suffered a 17% drop in sales last month to 42,727 vehicles from 51,175 in September, 2007, while Ford Motor Co. (F) saw a 23% drop to 44,631 vehicles from 57,990. Volkswagen AG (VOW.XE), Europe's largest car maker by sales, saw its U.K. sales last month drop 11% to 27,176 vehicles from 30,506 last year, while Toyota Motor Corp. (7203.TO) saw sales slump 9.8% to 18,840 vehicles from 20,885. September registrations typically account for at least 17% of the annual total, running a close second to the March volume. This September was more than 120,000 vehicles lower than the March figure, falling to its lowest level since the twice-yearly registration plate change system started in 1999. "The U.K. car market result was weak on any measure," said J.D. Power Automotive Forecasting in a statement. "A serious downturn in car sales appears likely." Web site: www.smmt.co.uk -By Jonathan Buck of Dow Jones Newswires; +44 7788 778723; jonathan.buck@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=p6N7fvxBgNVlFcXE2xeYCg%3D%3D. You can use this link on the day this article is published and the following day.
