Financial News: UK Car Production Declines As Manufacturers Switch To

UK Car Production Declines As Manufacturers Switch To Electric Models: SMMT

07/25/2024 - 09:08:00 (RTTNews)

(RTTNews) - UK car output declined in the first six months of the year as manufacturers continue to shift their investment to make electrified models, the Society of Motor Manufacturers and Traders said Thursday.

In the first six months of the year, car production declined 7.6 percent from the previous year. Factories turned out 416,074 units, down by 34,094 from the same period last year.

During January to June, electrified vehicle production also dropped 7.6 percent annually. About 157,000 cars were manufactured during this period, representing 37.8 percent of overall output.

In the same period, output for the UK market advanced 17.7 percent but this was not enough to offset a 13.9 percent fall in production for exports, data showed.

In June, overall car production plunged 26.6 percent due to multiple model changes. Production for home market decreased 19.6 percent and that for exports fell sharply by 28.3 percent.

"The UK auto industry is moving at pace to build the next generation of electric vehicles - a transition that can be a growth engine for the entire British economy," said SMMT Chief Executive Mike Hawes.

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