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UK car production rose year-on-year for the sixth consecutive month in July, as the global chip shortage eased and the numbers of electric cars and hybrids rose.
Production from UK factories rose by 31.6% in July compared to last year, according to new data from the Society of Motor Manufacturers and Traders (SMMT). Output remains 29% below 2019, before the coronavirus pandemic (although that includes the effect of Honda’s closure of a plant in Swindon).
More than eight-in-10 cars made in the UK were shipped overseas. The top destination market, as ever, was the EU, followed by the US, China, Japan and Australia.
Almost two in every five cars were electric, or were hybrids combining batteries with petrol or diesel engines. Electrified volumes rose 73.9% to 30,180. So far this year 200,000 of the UK’s 527,000 cars have been electrified in some way (although the SMMT does not break down how many are pure electric in its announcement).
Mike Hawes, the SMMT chief executive, said: "Six months of growth shows that British car production is recovering and, with electrified models increasingly driving volumes, the future is more positive. Recent investment announcements have undoubtedly bolstered the sector but global competition remains tough.
"If we are to attract further investment and produce the next generation of zero emission models and technologies, we need a coherent strategy that builds on our strengths and supports all aspects of advanced automotive manufacturing."
Today’s big focus in financial markets will be on inflation data, with key measures ahead from the eurozone and the US today.
The European Central Bank and the US Federal Reserve will be watching the data closely for signs that inflationary pressures are easing. They must decide whether to raise interest rates further to make sure inflation stays lower, or whether they have now done enough.
Jim Reid and other analysts at Deutsche Bank, an investment bank, said: "Resilient inflation numbers from Germany and Spain [yesterday] added to speculation that the ECB might deliver a 10th consecutive rate hike next month."
The agenda
• 8:55am BST: Germany unemployment (August; previous: 5.6%; consensus: 5.7%)
• 10am BST: Eurozone inflation (August; prev.: 5.3%; cons.: 5.1%)
• 10am BST: Eurozone unemployment (July; prev.: 6.4%; cons.: 6.4%)
• 1pm BST: India GDP year-on-year growth rate (first quarter; prev.: 6.1%; cons.: 7.7%)
• 1:30pm BST: US personal consumption expenditure price index (July; prev.: 3%; cons.: 3.3%)
We’ll be tracking all the main events throughout the day ... |
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