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Financial News: UK Car Production Logs Biggest Growth In 13

UK Car Production Logs Biggest Growth In 13 Years: SMMT

01/25/2024 - 08:09:00 (RTTNews)

(RTTNews) - Car production in the United Kingdom grew notably in the year 2023 amid the receding supply chain challenges along with more expansion of electric vehicles, data from the Society of Motor Manufacturers and Traders, or SMMT, showed on Thursday.

Total car production climbed 16.8 percent on an annual basis, which was the best growth rate since 2010. There were 905,117 units produced in 2023, up from 775,014 in 2022.

Demand from the domestic market increased 13.7 percent, and that from the foreign market grew 17.6 percent in 2022.

The EU remained the industry's largest global market, claiming 60.3 percent of exports, with shipments up 23.2 percent to 430,411 units.

The US was the next biggest destination with a 10.3 percent share of exports, or 73,571 units, followed by China with 7.2 percent.

Overall vehicle production in 2023 advanced 17.0 percent, reaching more than 1.0 million units.

The easing of pandemic-related challenges, from chip shortages to lockdowns, and increasing electrified model production, combined to drive annual output above one million for the first time since 2019, the SMMT said.

In December, total car production grew further by 20.7 percent annually to 61,768 units. From there, demand was more evident in the domestic market, with a 42.6 percent jump.

The export market showed an increase of 14.0 percent.

"Receding supply chain challenges, new model introductions and a massive £23.7 billion of investment put UK vehicle production firmly back on track in 2023," SMMT Chief Executive Mike Hawes said.

"Industry will now focus on the delivery of these commitments, transitioning the sector at pace to electric and scaling up the supply chain."

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