UK vehicle production hit 17-year high in February 2017

by SpeedLux
a busy london street

British car production struck a 17-year high in February, extending a new trend of rising output as a strong increase in exports once again made up for a downturn in demand at home, a market body stated on Thursday.

Total production increased 8 percent to 153,041 cars previous month, as per the Society of Motor Manufacturers and Traders (SMMT), enhanced by a 13 percent boost in sales to abroad markets.

The approximately 15 percent drop in the pound against the euro as the Brexit vote has helped to make British exports less expensive to many foreign buyers, although it has increased the expense of importing parts from the continent for UK-assembled designs.

Britain’s extremely foreign-owned vehicle market backed remaining in the European Union and is stressed over the possible end to tariff-free business with Europe, its greatest export market, regardless of reassurances from Prime Minister Theresa May.

“We need to avoid barriers to trade, whether tariff, customizeds or other regulatory challenges, at all costs,” stated SMMT Chief Executive Mike Hawes.

“To do otherwise would damage our competitiveness and threaten the ongoing success of UK automotive production,” he added.

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