Record UK car exports push production higher, data reveals

UK car production has hit a four-year high on the back of record exports, a report revealed Thursday.

UK car production has hit a four-year high on the back of record exports, a report revealed Thursday.

The Society of Motor Manufacturers and Traders (SMMT) said UK factories built 1.46m cars last year, of which 1.2m were shipped overseas.

Total vehicle production in the UK increased 8% last year to 1.58m units, the highest level since 2008, and exports climbed 8%. Car output increased by 9%.

The results come one day after a separate report showed car sales in Europe hit a 17-year-low last year.

Paul Everitt, SMMT Chief Executive, expects the strong performance in the UK to continue this year.

"The outlook for 2013 remains positive, with demand in many faster-growing global markets offsetting the continued weakness in European economies," said SMMT head Paul Everitt.

"The £6bn of investment committed to UK facilities, new model programmes and (research and development) signals a bright future and many new opportunities for companies in the supply chain.

"These remain extremely challenging times and it is essential industry and government continue to work together to secure long-term industrial growth."

Business Secretary Vince Cable said it was encouraging to see a rise in trading despite a deep slump in the Europe market.

The UK's diverse and innovative automotive sector have proved a success, he added.

"News that UK car production increased by 9% in 2012 and exports are at record levels is a great tribute to our manufacturing strengths, particularly in the face of challenging trading conditions in Europe and strong international competition."

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021