Car production increases

Car production has increased for the eight month in a row the Society of Motor Manufacturers and Traders (SMMT).

New figures show that more than 91,000 vehicles were built in October and production grew by 23.9% for home production and 33.4% for the overseas market.

Four out of five cars were for the overseas market and export grew by 58% with shipments being sent to the EU which is still the UK’s largest market.

Battery electric (BEV), hybrid (HEV) and plug-in hybrid (PHEV) increased and combined output was 40% of all care made in the month.

Tax deductions: Keep more of your money

SMMT chief executive Mike Hawes said, “These figures, coming on the back of a series of significant investment announcements, signpost a bright 2024 for the UK automotive sector.

“Government and industry are committing billions to transform the industry for a decarbonised future.”

Business and Trade Secretary Kemi Badenoch said: “This is yet more good news for our world-class automotive sector, off the back of the £2 billion investment announced by Nissan in their Sunderland plant last Friday and the launch of our landmark Advanced Manufacturing Plan at the weekend.

“This Government is backing the UK car industry and these figures, combined with recent big investment wins, show that our plan for the sector is working.”