Data released from the UK's Society of Motor Manufacturers and Traders (SMMT):
December car production fell 17.9% y/y
- after two straight months of growth in output
Annual car production fell to the lowest level since 1956. 775,014 cars were made in Britain in 2022
- 9.8% less than 2021
- 40.5% below the 2019 pre-pandemic levels
global semiconductor shortage and COVID curbs in China cited
EV production is encouraging though:
- "These (total) figures reflect just how tough 2022 was for UK car manufacturing, though we still made more electric vehicles than ever before," SMMT Chief Executive Mike Hawes said.
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Info comes via Reuters reporting.
