UK Car Production Surges On Easing Semiconductor Shortage: SMMT
(RTTNews) - UK car manufacturers ramped up production in February following an easing of supply chain shortages, the Society of Motor Manufacturers and Traders or SMMT, reported Thursday.
Car production increased 13.1 percent on a yearly basis to 69,707 units in February. An additional 8,050 cars were manufactured in February.
Production volumes were buoyed by an easing of supply chain shortages, notably of semiconductors that shattered the global industry since early 2021.
Output for both home and foreign markets registered double-digit increases, up 20.3 percent and 11.5 percent, respectively.
Production to meet global demand rose to 56,634 cars, which accounted for 81.2 percent of total output. And the majority of these exports went to the UK's major trading partner -the EU.
Exports to the EU increased 6.5 percent from the last year. On the other hand, shipments to the US and China plunged 19.9 percent and 21.6 percent, respectively.
Data showed that automotive industrial transition to hybrid, plug-in hybrid and battery electric vehicles continued, with combined volumes surging 72.2 percent and accounted for two in five cars produced in February.
February's growth in UK car production signposts an industry on the road to recovery, SMMT Chief Executive Mike Hawes said.
"The fundamentals of the sector are strong; a highly skilled workforce, engineering excellence, a sector that is embracing new electrified vehicle manufacturing and wide ranging capabilities in the EV supply chain," Mikes added.
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