UK Car Production Rises For Fourth Straight Month: SMMT
UK car production increased for the fourth straight month in August but volumes still remained below the pre-pandemic levels, the Society of Motor Manufacturers and Traders or SMMT said Thursday.
Car output logged a strong annual growth of 34.0 percent in August to 49,901 units. Nonetheless, the volume remained 45.9 percent below the pre-pandemic levels.
The latest increase follows a very weak performance in August 2021 when production stoppages and extended summer shutdowns caused by the global chip shortage saw volumes plummet to historic lows.
Production for domestic market advanced 33.1 percent and cars built for exports increased 34.2 percent.
Year-to-date, overall production remained 13.3 percent down on the first eight months of 2021 at 511,106 units.
The lobby observed that energy is now the single biggest concern for UK automotive manufacturers, with almost seven in 10 SMMT members worried about the impact of onerous cost increases on their business operations.
With energy costs expected to more than double again next year, and with some manufacturers anticipating even steeper increases, longer term solutions must be found to assure the viability of the sector beyond the end of the cap in six months’ time, the SMMT added.
In a separate communiqué, the SMMT said the commercial vehicle production gained 92.9 percent to 6,132 units, marking the best August since 2012 and the eighth consecutive month of growth.
For comments and feedback contact: firstname.lastname@example.org
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.