Financial News: UK Car Production Drops Slightly In January: SMMT

UK Car Production Drops Slightly In January: SMMT

02/24/2023 - 01:20:00 (RTTNews)

(RTTNews) - UK car production dropped only slightly in January as output of electrified vehicles increased sharply, data from the Society of Motor Manufacturers and Traders showed Friday.

Output decreased 0.3 percent on a yearly basis in January, the lobby said.

The loss was equivalent to 215 cars, which was driven mainly by structural changes in a major plant, shifting from car to van production. Supply chain shortages also afflicted some manufacturers.

Data showed a near 50 percent surge in electrified car production in January. This represented more than four in every cars made in January, a near record monthly share.

Production for the domestic market advanced 5.6 percent to 12,196 units. On the other hand, production for shipments declined 1.5 percent due to the suspension of exports to Russia.

"Automotive manufacturing can drive long-term growth for the low carbon economy but the sector needs competitive conditions to attract investment," SMMT Chief Executive Mike Hawes, said.

"We now look to the forthcoming Budget for the necessary measures that will enable the automotive sector to deliver its undoubted potential," Hawes added.

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