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Financial News: UK Car Production Falls For Second Month: SMMT

UK Car Production Falls For Second Month: SMMT

05/30/2024 - 09:05:00 (RTTNews)

(RTTNews) - UK car production declined for the second straight month in April, reflecting factory adjustments in preparation for next generation models and their electrified powertrains, the Society of Motor Manufacturers and Traders, or SMMT, said Thursday.

Car production declined 7.0 percent on a yearly basis to 61,820 units in April, data showed. Car manufacturing output was down 0.8 percent on 2023 volumes in the year to date period.

Production for domestic market surged 19.8 percent in April but failed to offset a 12.7 percent decrease in production for export markets.

The European Union took the majority of car exports followed by the US, China, Turkey and Australia.

Electrified vehicle volumes represented 40.5 percent of overall production in April. Another report showed that the production of commercial vehicles declined 19.9 percent in April from the last year.

However, manufacturing maintained 13.6 percent lead in the first four months of the year, marking the best year to date since 2010.

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