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Financial News: UK Car Production Falls 11.9% In May: SMMT

UK Car Production Falls 11.9% In May: SMMT

06/27/2024 - 09:05:00 (RTTNews)

(RTTNews) - UK car production declined for the third straight month in May, as factories continued to retool for an electric mobility future, the Society of Motor Manufacturers and Traders, or SMMT, said Thursday.

Car production declined 11.9 percent yearly to 69,652 units in May, data showed.

Production for the domestic market rose 9.7 percent in May but failed to offset a 17.4 percent decrease in production for the export market.

The EU remained the industry's largest global market, claiming 52.5 percent of exports, followed by the US with 18.2 percent.

Data showed that electrified vehicle production remained robust in May, rising 3.0 percent to 26,475 units compared to last year. In addition, the market share is expected to grow as manufacturers invest in greener product lines and technology to deliver Britain's net-zero ambitions.

The SMMT also revealed plans to deliver a cumulative value of more than EUR 290 billion of zero-emission vehicles by the end of 2035, with UK factories producing more than a million battery-electric cars and vans a year.

"Massive change is underway in the UK's car factories as manufacturers retool for new electric models," Mike Hawes, SMMT Chief Executive, said.

"Amid strong international competition for green automotive investment, however, the UK needs to ensure it has the most attractive conditions for manufacturing businesses and a compelling offer for existing and new investors."

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