Economic Buzz: UK Car Production Grows 7.4% On Year In October

28 Nov 2022 , 01:37 PM

UK car production returned to growth in October underpinned by both domestic and foreign demand, data published by the Society of Motor Manufacturers and Traders showed. Car production grew 7.4 percent on a yearly basis in October, reversing a 6.0 percent decrease in September. Demand from domestic market increased 12.5 percent and that from foreign market climbed 6.3 percent in October. Still Octobers overall performance was -48.4 percent off 2019s total of 134,669 units. The annual growth in shipment was driven by the 26.4 percent rise in exports to the U.S. and 6.0 percent increase in exports to Japan. Demand from South Korea and Australia surged 68.7 percent and 125.4 percent, respectively. By far the majority of cars heading overseas went into the European Union, even though exports to the bloc declined 2.7 percent, the lobby said. Year-to-date, factories produced a record 61,339 battery electric vehicles, up 16.2 percent on the same period in 2021.Powered by Commodity Insights