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Financial News: UK Car Production Increases Sharply In March

UK Car Production Increases Sharply In March

04/29/2021 - 01:50:00 (RTTNews)

(RTTNews) - UK car production increased for the first time since summer 2019, the Society of Motor Manufacturers and Traders, or SMMT, said Thursday.

Car output grew 46.6 percent in March against Covid hit 2020 when pandemic forced factories to close. Production expanded in March after 18 months of decline, with an output of 115,498 units.

Compared with the five-year March average, production decreased 22.8 percent. In the first quarter, output was down 4 percent from the last year.

In March, production for domestic market climbed 19.4 percent and that for foreign markets surged 54.1 percent.

Exports to the EU climbed 33.5 percent and shipments to the US and Asia by 36.4 percent and 54.1 percent, respectively. The EU remained by far the number one market for UK made cars.

Whilst the Covid situation is improving in the UK and in some major export markets, manufacturers are still struggling to manage residual issues, most notably the global semiconductor shortage, Mike Hawes, SMMT Chief Executive, said.

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