Weak Consumer Outlook Prompts Below Consensus Outlook

New car registrations in the UK fell 13.2% year-on-year (y-o-y), to only 136,446 units in July, marking the first fall in sales during the last 12 months and potentially making way for similar trends during the remainder of the year. Given that cumulative new car sales increased 15.1% y-o-y, to 1.24mn units, during the first seven months of this year, we have revised up our car sales forecast to 1.98mn units by the end of this year, down nearly 1% compared with last year. While the Society of Motor Manufacturers and Traders (SMMT) forecasts new car sales to reach 2mn

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