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Financial News: UK Car Production Declines On Chip Shortage, Model

UK Car Production Declines On Chip Shortage, Model Changes: SMMT

05/26/2022 - 09:08:00 (RTTNews)

(RTTNews) - UK car production declined in April largely due to the shortage of semi-conductors, the impact of the war in Ukraine on supply chains, model changes and structural changes in industry, the Society of Motor Manufacturers and Traders, or SMMT, said on Thursday. Car production decreased 11.3 percent from the last year to 60,554 units in April.

The closure of a major UK car plant in 2021 continued to impact export figures, particularly to the US. Production for overseas markets fell 20.8 percent, driven by a -68.0 percent decline in shipments to the US, and a -10.4 percent drop in those to Asia.

At the same time, six-in-10 cars exported headed to the EU, representing 5.0 percent uplift in shipments. Production for the domestic market grew for the second month in a row, up a massive 60.1 percent.

Data showed that despite the incredibly tough economic backdrop, UK car makers continue to shift focus towards the latest battery electric, plug-in hybrid and hybrid vehicles, technologies that are essential to both cleaner air and net-zero ambitions.

Global chip shortages and supply chain disruption are exacerbated by spiralling energy costs, additional trading costs and slowing global markets, Mike Hawes, SMMT chief executive, said.

The lobby urged the government to provide relief on specific input costs, most notably energy, which have doubled in the last year and are putting UK manufacturers at a competitive disadvantage.

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