The latest data from the Society of Motor Manufacturers and Traders (SMMT), reveal robust growth in UK car manufacturing in September 2023.
- UK car manufacturing had strong growth in September 2023, with a 39.8% increase
- 88,230 vehicles were produced in British factories during September
- The growth was driven by a 32.2% increase in exports, with nearly 60% going to the EU.
- Deliveries for the UK market surged by 65.9%
- Electrified vehicle production rose by 41.5%
- Year-to-date, the UK has produced 659,901 vehicles, a 14.9% increase from the same period in 2022
- Both domestic and export markets saw increased production
- The EU is the leading trading partner, receiving 58.0% of overseas trade in British cars
- The volume of British cars exported globally increased by 16.3% since January
- Electrified vehicles accounted for 37.5% of outbound shipments
- Tariff-free trade outlined in the UK-EU Trade Cooperation Agreement (TCA) is crucial for EV trade
- In January 2024, tougher rules for batteries' origin could threaten competitiveness
- Non-compliance with these rules would result in a 10% tariff and increased EV prices
Source: SMMT. Find the full report HERE.