UK New Car Registrations In Jan Up 29.8%, Toyota Sales Down 12%
The Society of Motor Manufacturers and Traders, or SMMT, said Thursday new car registrations rose 29.8% in January to 145,479 units, with sales of Toyota down 12.14% compared with January 2009. MAIN FACTS: -Market rose for a seventh successive month. -Scrappage scheme continued to boost market, accounting for 17.8% of sales, despite return to 17.5% VAT on Jan. 1. -Outlook constrained, demand expected to fall 9% to 1.82 million units in the full year. -Increase in January new car registrations provides a better than expected start to 2010 for the U.K. motor industry. -Scrappage continues to lift demand successfully. -and Thursday's announcement of a continuation of the scheme to the end of March will allow the maximum number of people to benefit from the budget that's still available. -Industry expects another difficult year with the availability of finance, consumer confidence and sustaining demand post-scrappage, key to performance in the second half of the year, but signs of recovery in the fleet and business sectors are encouraging.
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