UK car output rises for fifth straight month in June – SMMT data | Forexlive

UK car production rose y/y for the
fifth consecutive month in June 2023.

The Society of Motor Manufacturers and Traders (SMMT) cited the pandemic-induced chip shortages easing.

• total of 84,767 output last month, an increase of nearly 16.2% y/y
• car production is expected to rise nearly 11% to
  860,000 units by the end of the year, the SMMT added
• output could reach pre-pandemic levels of 1 million by 2028
• For the first six months of the year, production of hybrid
  electric, plug-in hybrid and battery electric vehicles rose
  nearly 72% to record 170,321 units
• Exports to the major markets rose with the exception to
  China, where it dropped more than 6% in six months to June