UK's new car sales drop 24% to mark weakest June since 1996

In May, SMMT cut 2022 outlook for new cars registered to 1.72 million from 1.89 million forecast earlier.

British new car registrations fell 24% in June from a year earlier, marking the weakest month in 26 years, as the sector struggled with persistent supply shortage of components due to China's Covid-19 restrictions, industry data showed.

The British auto industry, already reeling from a severe shortage of semiconductors, is now bracing for a cost of living crisis in the country as people limit their spending to necessities and stay away from big ticket items.