Connect with us

Hi, what are you looking for?

Right Decision NowRight Decision Now

Business

UK car production off to a fast start in January

UK car production surged ahead in January, as revealed by the latest data from the Society of Motor Manufacturers and Traders (SMMT).

With volumes increasing by a substantial 21.0% to reach 82,997 units, this represents the strongest January performance since 2021 and marks the fifth consecutive month of growth. The boost in production comes amidst a backdrop of rising global demand for British-made vehicles and a gradual easing of supply chain challenges, notably semiconductor shortages.

The majority of the produced cars were destined for export markets, accounting for 75.8% of total output. Overseas shipments saw a notable uptick of 11.6% to 62,938 units, representing an increase of 6,559 units. However, the most significant volume growth was observed in the domestic market, with production for domestic consumption rising by an impressive 64.5%, equating to an additional 7,863 units.

Among the major global markets, the EU emerged as the primary destination for British-built cars, receiving over half (53.2%) of all exports. This was followed by the US (15.0%), China (10.5%), Japan (2.8%), and Australia (2.3%). Notably, shipments to the EU, US, and China experienced notable increases of 5.0%, 81.1%, and 33.2% respectively.

The production of battery electric (BEV), plug-in hybrid (PHEV), and hybrid (HEV) vehicles also saw an uptick, rising by a combined 4.5% to 29,590 units, constituting 35.7% of overall output. The majority of these electrified models were destined for export markets, underscoring the importance of not only increasing production of electrified vehicles but also securing favorable trading arrangements with global markets.

Mike Hawes, Chief Executive of SMMT, expressed optimism regarding the positive start to the year for UK car production but cautioned against complacency in light of economic challenges and geopolitical tensions. He emphasized the need for continued commitment to competitiveness and urged the government to introduce measures aimed at boosting UK automotive manufacturing, particularly focusing on energy, investment competitiveness, and market demand, in the upcoming Budget.

While potential impacts on UK car manufacturing arising from incidents in the Red Sea remain uncertain, the latest independent outlook suggests a positive trajectory, with UK car and light van production expected to rise by approximately 3% in 2024, reaching 1.04 million units.

Read more:
UK car production off to a fast start in January

    You May Also Like

    Business

    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...

    World News

    BEIJING — China landed an uncrewed spacecraft on the far side of the moon on Sunday, overcoming a key hurdle in its landmark mission...

    World News

    LONDON — Talks aimed at reaching a global agreement on how to better fight pandemics will be concluded by 2025 or earlier if possible,...

    World News

    SINGAPORE — Ukrainian President Volodmyr Zelensky’s unscheduled appearance at Asia’s biggest security conference dominated proceedings on Sunday after China’s defense chief slammed “separatists” in...

    Disclaimer: rightdecisionnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 rightdecisionnow.com | All Rights Reserved