UK Motor Manufacturing Hits New Six Year High
By Webb Ward
Posted: 17th February 2014 08:18
The UK economy has been on a tear. Growth across all sectors is up. Manufacturing is on the way back, and much of its growth as a sector of the economy can be attributed to the UK’s motor manufacturers. 2013 was a standout year for them.
Car production across the industry surpassed 1.5 million units in 2013, an increase of 3.1%, representing the highest volume of output since 2007. Experts are now predicting that the number of cars produced in the UK will reach a staggering 2 million by 2017.
In fact, some say that the UK’s car industry is now gearing up to “go toe to toe with the German brands”, widely regarded as the world’s leader. Recent figures show that more cars are being produced in the UK than Germany – a feat that would have been unthinkable a few years ago.
Car sales in the UK are also growing. A SMMT report released in January put registrations of new cars in 2013 at 2.26, driving demand for car loans from providers like cbonline.
2014 is not without its challenges though. As most of the vehicles produced in the UK are exported, the industry is exposed to problems in the increasingly important emerging economies that have been driving exports.