The rising British auto manufacturing sector has reported a slightly diminished production output last month in comparison to the same month of 2014, according to SMMT, the country’s auto industry body.
The Society of Motor Manufacturers and Traders (SMMT) said the lower January output is not a reason for concern, as the automakers opted to invest into the production of new models and technologies. SMMT figures show that vehicle output slid 1.2 percent to 127,385 units last month compared with 128,915 units in the first month of 2014. “The slight dip in output in January is as a result of this investment as major UK car manufacturers begin production of new models. As production ramps up throughout the year, we expect to see the sector’s output increase.” Said Mike Hawes, chief executive of SMMT. British car exports had a steeper dive though, falling 6.2 percent to 97,022 units, compared with 103,534 units a year ago, the SMMT added. The drop comes after last year the British car industry had the highest tally of exports in history – sending across the border almost 1.2 million autos into more than 100 countries.
Meanwhile, the number of UK-built cars exported to Asia has tripled over the past five years, with China naturally being the largest single market for British-manufactured vehicles after the home market, according to data released by the SMMT. The automotive body remains positive in its forecasts for both production and export levels for the year, with the local manufacturers looking at a total of 7 billion worth of investments into new models.