UK car exports, car manufacturing industry

August 27 ,2014 | by Sarah Parkin

UK car exports hit record rate

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The United Kingdom’s car manufacturing industry hit new highs during July pushing the total number of automobile exports past the five million mark.

Figures from the Society of Motor Manufacturers and Traders (SMMT) showed an output rise of 2.8 per cent to 132,570 vehicles during July. It took the total number of cars to come off UK production lines to 923,884, a 3.4 per cent compared to the same period 12 months ago. It has also meant exports have passed over five million since 2010, the best start to a decade ever.

 

One of the driving forces behind the UK’s success has been the growing demand from overseas for luxury brands.

Major foreign companies have been investing heavily in their UK factories meaning the eight out of ten made in the country are now being exported. This trend does not seem to be slowing down as demand remains strong across the world.

The SMMT is now expecting annual production to beat 1972’s high of 1.92 million by 2017. It forecast that the rise of new models will only strengthen popularity across Europe and further afield. Specialist brands such as Jaguar Land Rover are being touted as one of the key drivers for future success.

Mike Hawes, the SMMT’s chief executive, said: “The UK automotive industry continued its renaissance in July, with the month marking five million car exports since 2010. This is a major milestone and testament to the burgeoning reputation of UK automotive excellence and demand for British-made cars.”

 

Earlier in the month, the SMMT announced that July car sales were the highest for the month since 2007.

The organisation stated that over 170,000 vehicles were sold over the course of the month, representing a much faster rate of growth it had been expecting. It predicted that it would add toward to the best year overall since 2004.

Sarah Parkin

Sarah Parkin used to work as News Writer for LSBF.  Sarah is specialised in finance, technology and business news.

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