UK car production jumps - SMMT
By Abigail Townsend
Date: Friday 30 Jun 2023
(Sharecast News) - The UK car sector reported another jump in production in May as demand continued to recover, industry data showed on Friday.
According to the Society of Motor Manufacturers and Traders, a total of 79,046 cars left production lines last month, a 26.9% jump on May 2022. It is the fourth consecutive month that UK car production has risen.
Within that, cars destined for the domestic market spiked 45.4% to 16,188 units, while exports increased 22.9%. Demand for electric models also remained strong, with volumes rising 95.4% year-on-year to 27,636 units.
However, overall production still remained notably below pre-pandemic levels, down 31.9% on May 2019.
Mike Hawes, chief executive of the SMMT, said: "Another month of growth for UK car production is good news and a sign that, despite challenging economic conditions, the industry's foundations are strong.
"But with weak GDP growth, high inflation and rising interest rates, it is crucial that UK car factories stay globally competitive."
The SMMT called on the European Union and the UK to back continued tariff-free trade, especially in electrified vehicles, warning that they would be hit hard when tougher rules of origin come into force next year. The EU remains the UK car sector's biggest overseas market, with 35,215 units shipped to the bloc in May.
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