New car registrations in the UK declined to their lowest since 1992 to 1.63 million units in 2020, down 29.4pc or 680,076 units, from 2019 according to the Society of Motor Manufacturers & Traders (SMMT).
The SMMT estimated losses in the industry, caused by the impact of the COVID-19 pandemic, to be around £20.4bn ($27.8bn) in 2020. In December, sales fell by 11pc on an annual basis to 132,682 units.
The UK auto industry plans to bet on electric vehicles (EVs) as well as mild and plug-in hybrids for demand recovery in 2021 since sales of EVs tripled last year to 108,205 units, compared with 37,850 units in 2019.
The UK registered 292,657 units of light commercial vehicles in 2020, the lowest in seven years. Compared to 2019, sales fell by 20pc or 73,121 units.
(£1 = $1.36)