UK new car sales tumble in September amid chip shortages – business live | Business

Good morning, and welcome to our rolling protection of the world economic system, the monetary markets, the UK’s provide chain disaster and enterprise.

September has proved a merciless month for UK automobile sellers, as the worldwide shortages of semiconductors hits the auto sector.

New UK automobile registrations tumbled by 35% year-on-year in September to round 214,000 items, in response to preliminary business information this morning.

That may be the weakest September for a minimum of 23 years, Reuters says, because the business struggles with provide chain issues following the pandemic.

September is often a powerful time for automobile gross sales, with motorists eager to pay money for a brand new quantity plate displaying they’ve the newest mannequin (they update in the spring and autumn).

However the global shortage of semiconductors is continuous to harm manufacturing throughout the automotive business, leaving sellers struggling to pay money for fashions to promote to shoppers.

However as Reuters explains, electrical automobile gross sales hit a brand new file (in a month that ended with motorists queuing for fuel).

The Society of Motor Producers and Merchants mentioned the auto business continued to be tormented by a worldwide scarcity of semiconductors used within the manufacturing of vehicles.

With widespread panic-buying on the petrol pumps late final month brought on by a scarcity of products automobile drivers, the SMMT mentioned greater than 32,000 battery-powered vehicles had been registered final month – a brand new file.

British licence plates denote the age of a automobile and replace each March and September – which means these are often bumper months for automobile registrations as consumers like to indicate they’ve the most recent mannequin.

Reuters UK

UK new automobile registrations slide in weakest September for over 23 years

October 5, 2021

The chip scarcity additionally hit automobile manufacturing in August; output fell 27% year-on-year as producers struggled to pay money for components (figures last week showed).

Worries about the price of dwelling squeeze, and the transfer in direction of distant working, might also be weighing on automobile gross sales.

However, fewer vehicles on the roads – particularly fossil-fuelled fashions – may help the UK hit its target of becoming net zero by 2050.

We get the complete information at 9am UK time.

Additionally developing as we speak…

Monetary markets are on edge after huge falls on Wall Road final evening. The Dow Jones industrial common shed 323 factors, or virtually 1%.

Know-how-focused Nasdaq Composite slid 2.1% as fears that rising inflation will result in greater rates of interest drove buyers out of Large Tech corporations.

Fb’s shares tumbled virtually 5%, wiping virtually $50bn off its worth, after an enormous outage took its companies offline for hours. The crash affected hundreds of thousands of individuals, organisations and companies who use Fb, Instagram and WhatsApp.

The vitality crunch proceed, with US oil costs hitting their highest ranges in seven years final evening after Opec and its allies resisted strain to hurry up their crude manufacturing.

Gavin Wendt

Oil buying and selling at highest stage since 2014, OPEC+ sustaining gradual provide improve of 400,000 bpd in comparison with 800,000 bopd consensus, pure gasoline scarcity of 500,000 bpd has additionally boosted demand. With winter forward, there’s a very robust prospect of serious value upside.

October 5, 2021

That would feed by means of to greater vitality prices this winter, and costs on the pumps.

The UK’s petrol disaster is easing, with navy drivers now serving to to get gas to forecourts. However issues stay, notably in London and the South East, so it might take per week to return to normality.

We additionally get new healthchecks on UK, eurozone and US service sector corporations this morning, which can present the affect of provide chain issues.

The agenda

  • 9am BST: UK automobile registrations for September
  • 9am BST: Eurozone companies PMI for September
  • 9.30am BST: UK companies PMI for September
  • 1.30pm BST: US commerce steadiness
  • 2pm BST: IMF Managing Director Kristalina Georgieva provides a speech forward of the IMF’s Annual Assembly later this month
  • 3pm BST: US companies PMI for September | UK new automobile gross sales tumble in September amid chip shortages – enterprise stay | Enterprise


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