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Investing.com -- According to a recent report by the Society of Motor Manufacturers and Traders (SMMT), new car sales in Britain witnessed a rise for the second consecutive month this year.
The increase in sales during May was primarily driven by heavy discounting from electric vehicle (EV) manufacturers.
Chinese EV makers have been aggressively expanding their presence in the European markets, leading to an intense price war among automakers.
This aggressive pricing strategy has significantly impacted the profit margins of several car manufacturers.
The SMMT report indicated that new car registrations saw a year-over-year increase of 1.6%, totaling 150,070 units in May. This marks the highest performance for the month of May since 2021.
Electric vehicles played a substantial role in this sales growth, accounting for more than 47% of the total car sales in May.
Battery electric vehicle sales specifically saw a notable increase, rising 25.8% year-over-year.
This data suggests that the demand for electric vehicles continues to grow in the UK, possibly fueled by the steep discounts offered by manufacturers.
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