Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

UK car production up sharply in June as export demand surges

Published 23/07/2015, 00:07
© Reuters. An employee works on a 2013 Mini at BMW's plant in Oxford, southern England

LONDON (Reuters) - British car production rose sharply last month, helped by an upturn in the number of cars built for export and capping the strongest half-year performance since 2008, an industry body said on Thursday.

Total production rose 5.4 percent in June compared with the same month a year ago to 143,759 cars, the Society of Motor Manufacturers and Traders (SMMT) said.

Cars built for export, which account for around four in five of all British-made cars, rose 9.0 percent on the year to 115,408. But there was a 7.1 percent fall in cars built for the domestic British market.

The SMMT said a total of 793,642 cars rolled off the production lines during the first six months of 2015 - a 0.3 percent increase on the same period last year and the best performance in seven years.

New figures also suggested a sharp increase in productivity among car producers over the last few years, with the sector producing 100,000 pounds in added value per employee in 2014 compared with 74,000 pounds in 2010.

By contrast, productivity growth across the economy as a whole has been dire over the same period.

© Reuters. An employee works on a 2013 Mini at BMW's plant in Oxford, southern England

"This success has been built on significant industry investment and has also relied on a positive relationship with government, essential if the industry is to maintain its international competitiveness," said Mike Hawes, SMMT chief executive.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.