U.K. Industry Group Raises 2003 Car Sales Forecast
11-06-2003, 05:30 AM
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U.K. Industry Group Raises 2003 Car Sales Forecast
Nov. 6 (Bloomberg) -- The U.K. Society of Motor Manufacturers and Traders said 2003 vehicle sales will probably be the highest ever even as it said new car sales fell 1.4 percent in October.
The carmakers' association expects sales this year to reach 2.565 million units, it said in an e-mailed statement. A record 2.564 million cars were sold in the U.K. in 2002. The U.K. was the only one of Europe's five biggest car markets to expand last year.
``These records are underlined by private buyers taking nearly 50 percent of the market so far this year,'' said SMMT Chief Executive Christopher Macgowan in the statement. ``However, with the expected rise in interest rates, we are likely to see the
market ease over the next few months.''
Registrations of new cars fell to 181,589 vehicles in October compared with the year-earlier period, the London-based group said. Ten-month sales increased 0.3 percent to 2.25 million cars.
It is the second time the society has raised its forecast for 2003 vehicle sales. In August, the group said it expected sales to reach 2.52 million cars, against an earlier forecast of 2.45 million vehicles.
The carmakers' association expects sales this year to reach 2.565 million units, it said in an e-mailed statement. A record 2.564 million cars were sold in the U.K. in 2002. The U.K. was the only one of Europe's five biggest car markets to expand last year.
``These records are underlined by private buyers taking nearly 50 percent of the market so far this year,'' said SMMT Chief Executive Christopher Macgowan in the statement. ``However, with the expected rise in interest rates, we are likely to see the
market ease over the next few months.''
Registrations of new cars fell to 181,589 vehicles in October compared with the year-earlier period, the London-based group said. Ten-month sales increased 0.3 percent to 2.25 million cars.
It is the second time the society has raised its forecast for 2003 vehicle sales. In August, the group said it expected sales to reach 2.52 million cars, against an earlier forecast of 2.45 million vehicles.
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