UK car output rose 7% in October on high exports

UK car production rose 7.4% year-on-year in October, driven mainly by exports of luxury and specialty models to the European Union (EU), according to a statement from the Society of British Motor Manufacturers (SMMT).

The UK built 69,524 cars in October, up from last year but still 48% below 2019 levels, according to SMMT.

British automakers are still affected by a global chip shortage and supply chain problems, according to industry groups.

Mike Hawes, CEO of SMMT, said: “The turnaround in UK car production in October is welcome, but with parts supply volatility, production remains at pre-COVID levels. It’s dropped significantly,” he said.

“Given the jobs, exports and economic contribution the auto industry maintains, getting the sector back on track in 2023 is a priority,” Hawes added.

About 81% of last month’s production was mainly destined for the EU, with smaller amounts going to countries such as the US, Australia and Turkey, according to SMMT.

UK car factories have produced a record 61,339 fully electric cars so far this year, a 16% increase from the same period in 2021.

Last week, UK Finance Minister Jeremy Hunt announced that a vehicle excise tax on electric vehicles will begin in 2025.

This article was optimized by the SEO Team at Clickworks SEO

Source link