Buoyed by strong domestic and overseas demand for British-manufactured cars, the country’s automotive industry sees car production above the 1.5 million unit mark for the first time since 2008.
In September, 12-month output was above 1.5 million cars for the first time since October 2008, thanks to increased sales at home and growing exports to emerging markets such as China and Russia from Jaguar Land Rover and Nissan.
Not long ago, the British auto industry was almost considered inefficient, under funded and uncompetitive – but just like the Phoenix bird in the story, the car industry has underwent a remarkable renaissance in recent years, many saying it was due to its attention towards manufacturing high-end, high-margin products targeted at faster-growing overseas markets.
“September’s 9.9 % rise in car manufacturing reinforces how the sector is one of the UK’s biggest success stories of recent years,” said Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT).
In support to the government’s hopes of rebalancing the economy more towards manufacturing, investments of £2.6 billion have entered the British automotive industry so far this year, as foreign-owned automakers such as JLR and Bentley increase spending in factories and across the wider supply chain.
Via Financial Times