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Financial News: UK Car Production Rises In May: SMMT

UK Car Production Rises In May: SMMT

06/28/2018 - 05:07:00 (RTTNews)

(RTTNews) - UK car production increased in May on domestic demand, the Society of Motor Manufacturers and Traders reported Thursday.

Car production increased 1.3 percent year-on-year in May as manufacturing for domestic buyers rose 12.8 percent. Meanwhile, production for exports declined 1.5 percent, with 107,307 cars destined for overseas markets and making up 78.2 percent of UK automotive production.

The SMMT said about 137,225 cars were built in British factories, following a marked decline in the same month last year when several plants adjusted production schedules to prepare for a raft of new and updated models.

For this growth to continue, UK needs to ensure car plants are able to attract future investment, and this will depend upon maintaining the competitive conditions that have helped drive the industry's success in recent years, Mike Hawes, SMMT Chief Executive, said.

In the year-to-date, output fell 2.9 percent annually to 705,603 units.

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