3.5 C
London
Thursday, December 8, 2022

Car production continues to fall, figures show

Must read

Hae-ann’s past is explored! What’s next?

After watching the previous episode, one thing is clear Dong-Ja will play an important role in solving Joon-Ho's case in May I Help You...

Gasoline is cheaper now than it was a year ago – and could drop below $3

Gasoline prices are now cheaper in the US than they were a year ago, and the price per gallon could drop below $3 by...

Starbucks opens its blockchain-based loyalty program and NFT community to the first beta testers • londonbusinessblog.com

Starbucks today launches its blockchain-based loyalty program and NFT community, Starbucks Odyssey, to the first group of US beta testers. The new initiative,...

In times of uncertainty, B2B sales teams need to put value first • londonbusinessblog.com

Ketan Karkhanis Contributor Ketan Karkhanis is the executive vice president and general manager of Sales Cloud at Salesforce. As uncertainty sets in the economy, maintaining profitability ratios...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.
C

ar production has continued to fall, with almost 100,000 fewer vehicles built in the first three months of 2022 compared with a year ago, new figures show.

The Society of Motor Manufacturers and Traders (SMMT) said manufacturing declined by almost a third, with the industry still affected by the global shortage of semiconductors and other components.

A total of 207,347 new cars were built during the first quarter, down from 306,558 in the pandemic-affected same three months in 2021.

Output in the last month of the quarter fell by more than a third, down from 115,498 last year to 76,900 – making it the weakest March since the financial crisis in 2009.

Exports to the United States saw the greatest decrease during March, dropping by 63.8%, while exports to the EU declined by 24.5%.

The SMMT said seven in 10 cars made in the UK last month were built for export, with the EU taking the majority, followed by the US and China.

Production for the domestic market increased “modestly” by 4.3%, said the report.

Mike Hawes, SMMT chief executive, said, “Two years after the start of the pandemic, automotive production is still suffering badly, with nearly 100,000 units lost in the first quarter.

“Recovery has not yet begun and, with a backdrop of an increasingly difficult economic environment, including escalating energy costs, urgent action is needed to protect the competitiveness of UK manufacturing.

“We want the UK to be at the forefront of the transition to electrified vehicles, not just as a market but as a manufacturer so action is urgently needed if we are to safeguard jobs and livelihoods.”

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Hae-ann’s past is explored! What’s next?

After watching the previous episode, one thing is clear Dong-Ja will play an important role in solving Joon-Ho's case in May I Help You...

Gasoline is cheaper now than it was a year ago – and could drop below $3

Gasoline prices are now cheaper in the US than they were a year ago, and the price per gallon could drop below $3 by...

Starbucks opens its blockchain-based loyalty program and NFT community to the first beta testers • londonbusinessblog.com

Starbucks today launches its blockchain-based loyalty program and NFT community, Starbucks Odyssey, to the first group of US beta testers. The new initiative,...

In times of uncertainty, B2B sales teams need to put value first • londonbusinessblog.com

Ketan Karkhanis Contributor Ketan Karkhanis is the executive vice president and general manager of Sales Cloud at Salesforce. As uncertainty sets in the economy, maintaining profitability ratios...

Telstra doubles down on Internet of Things agtech startup with $2 million investment

Telsta made its second agtech investment this week, having led a $12 million round in agricultural communications start-up Zenifi and also tipped $2 million...