Financial News: UK Car Production Surges 14.6% On Domestic Demand:

UK Car Production Surges 14.6% On Domestic Demand: SMMT

03/28/2024 - 03:43:00 (RTTNews)

(RTTNews) - Car production in the United Kingdom grew for the sixth successive month in February amid strong demand in the domestic market, data from the Society of Motor Manufacturers and Traders, or SMMT, showed on Thursday.

Total car production climbed 14.6 percent year-over-year, which was the best February performance since 2021. There were 79,997 units produced in February.

Demand from the domestic market increased by 58.0 percent to 20,658 units in February, and that from the foreign market grew by 4.6 percent.

The EU remained the industry's largest global market, claiming 59.9 percent of exports, followed by the US with 14.8 percent.

Data showed that electrified vehicle production continued to increase by 6.0 percent to 29,038 units in February.

During the first two months of this year, UK car production rose 17.8 percent to 162,904 units, the best start to the year since 2021.

"The UK industry faces stiff competition, however, as global competitors seek to secure new models and technologies, so a commitment to our industrial competitiveness, from all political parties in this likely election year, must be maintained," Mike Hawes, SMMT Chief Executive, said.

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