UK Car Manufacturing at 6 Year High

UK car manufacturing is in the midst of its strongest run of growth in 6 years, despite a drop in production in September.

More than 1.13m cars rolled off production lines in British factories in the first nine months of the year. This is up 0.6% on a year earlier and the best performance over the period since 2008, according to the Society of Motor Manufacturers and Traders (SMMT).

However, car manufacturing fell 2.8% in September compared with a year earlier, with 137,068 cars made. The number was dragged down by cars built for export, which were down 8.1% at 102,947. Cars made for UK buyers however were up 17.7% at 34,121 amid thriving domestic demand for new cars.

The SMMT said the drop in output in September was down to planned re-tooling of production lines as factories prepared for model changes, but the fall in exports also coincides with a renewed slowdown in the eurozone, the UK’s main trading partner.

 
“The continued investment by the sector into new models means the September figures took a slight dip as some plants underwent re-tooling but it is these same new models which will help increase production volumes in the future,” said Mike Hawes, the SMMT’s chief executive.

via The Guardian

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.