UK car production up for fourth consecutive month

0
67

UK automobile manufacturing rose for the fourth consecutive month in Might, up 26.9% 12 months on 12 months.

In line with the most recent figures printed at present by the Society of Motor Producers and Merchants (SMMT), 79,046 models left manufacturing traces, 16,762 greater than in the identical month final 12 months.

The entire was nonetheless down -31.9% on Might 2019.

Home volumes elevated by 45.4% to 16,188 models and exports rose 22.9% to 62,858 models.

Exports accounted for almost all of the manufacturing output, at 79.5%, with the EU remaining the most important world market, taking 35,215 models, up 19.0% and representing 56.0% of all abroad shipments within the month.

Mixed hybrid electrical, plug-in hybrid and battery electrical car volumes had been up 95.4% in Might to 27,636 models and representing 35.0% of all automobiles made within the month.

Mixed, UK automobile exports to the subsequent largest markets, the US, China, Japan and Australia, represented lower than a 3rd (28.3%) of exports in Might, and, at a complete of 17,798 models, about half of all these despatched into the EU.

Mike Hawes, SMMT chief government, mentioned: “One other month of development for UK automobile manufacturing is nice information and an indication that, regardless of difficult financial situations, the trade’s foundations are robust. However with weak GDP development, excessive inflation and rising rates of interest, it’s essential that UK automobile factories keep globally aggressive. All political events should recognise the strategic significance of this sector and again our name for an industrial technique that helps native manufacturing, assures export market entry and attracts additional funding to safeguard our future.”

Lisa Watson, director of gross sales at Shut Brothers Motor Finance, added: “One other month of development additional demonstrates that producers are again on monitor to revive automobile manufacturing to pre-pandemic ranges. Although challenges stay, easing provide shortages have contributed to a extra constructive outlook.

“This enhance in manufacturing can also be constructive for shoppers. An inflow of latest automobiles will assist a lot wanted inventory shifting into the used market, enabling extra availability and selection for shoppers seeking to buy second-hand automobiles. This must also make different gas autos (AFVs) an more and more viable possibility for consumers.

“Producers will, nonetheless, be hoping that stagnant inflation and continued financial pressures don’t hamper shopper demand and have an hostile impact on manufacturing.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here