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Financial News: UK Car Production Rises For Second Straight Month:

UK Car Production Rises For Second Straight Month: SMMT

07/28/2022 - 02:02:00 (RTTNews)

(RTTNews) - UK car production increased for the second consecutive month in June with the easing of supply chain shortages, the Society of Motor Manufacturers and Traders, or SMMT, said Thursday.

Despite challenging backdrop, car production grew 5.6 percent in June with 72,946 units built.

However, in the first half of the year, car output declined 19.2 percent from the same period last year due to shortages of key components, exacerbated by additional supply issues caused by the war in Ukraine and significant structural and model changes within the sector.

The lobby said 403,131 units were built, representing the weakest first half since the pandemic-ravaged 2020 and worse than 2009 when the global financial crisis decimated demand.

The year-to-date decline was driven largely by a fall in export volumes, with -23.9 percent fewer cars produced for overseas markets during the first half of 2022. Meanwhile, production for the domestic market rose 4.3 percent.

The production outlook for this year was downgraded to 866,000 citing the ongoing disruption to global supply chains. This represents 1.0 percent growth on 2021 volumes but down by 113,285 units from the March outlook, reflecting the impact of the Ukraine crisis, lockdowns in China and the severity of parts shortages.

Output is targeted to improve further in 2023 to 956,575 units, before surpassing one million units by 2025 as supply chain issues recede.

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