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Financial News: UK Car Production Falls For First Time In

UK Car Production Falls For First Time In 5 Months: SMMT

10/27/2022 - 04:51:00 (RTTNews)

(RTTNews) - UK car production declined for the first time in five months in September, as output was again restricted by severe supply chain issues affecting manufacturers, the Society of Motor Manufacturers and Traders, or SMMT, said Thursday.

Car production dropped 6.0 percent year-over-year in September, reversing a 34.0 percent strong growth in August.

The latest fall in output was attributed to on-going severe supply chain issues along with higher energy costs and component shortages.

There were 63,125 vehicles produced out of the factory in September compared to 67,173 units in the corresponding month a year ago.

The volume of car production declined 47.7 percent from the 120,729 cars built in the same month in pre-Pandemic 2019.

Production for the domestic market decreased slightly by 0.9 percent and the number of cars built for exports slid 7.4 percent, driven by reductions in shipments to the European Union, the United States and China, although exports increased to South Korea, Australia and Turkey.

Despite an overall decline in September, battery electric vehicle output grew notably by 16.6 percent to 8,856 units.

UK car factories produced 52,888 electric vehicles so far this year, an increase of almost a fifth, or 19.3 percent, over last year's first nine months.

With 78.4 percent exported abroad, the UK is proving its ability to manufacture cutting-edge, zero-emission vehicles that are highly sought after around the world, the SMMT said.

"Despite the current challenges, our car makers remain resilient and are well placed to ramp up output of the latest, zero emission vehicles which will help drive an economic recovery, create jobs and boost growth," Mike Hawes, SMMT chief executive, said.

"Success is not guaranteed, however, and to realise its potential the UK sector must attract new investment - which means creating competitive investment conditions."

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