2023-01-26 00:02:31

UK car production collapses to lowest for 66 years

Logo BBC
BBC

By Simon Jack & Beth Timmins

BBC business editor & business reporter

The number of new cars made in the UK fell again sharply last year plummeting to its lowest level since 1956.

The drop marks a 10% fall from the year before which itself was a historic low.

A continuing global shortage in semiconductor chips hit production lines, industry body the Society of Motor Manufacturers and Traders said.

But car makers are concerned the UK has not yet got a strategy to make the country competitive as a destination for manufacturing investment.

The government said it was "determined" to ensure the country remains a top global location for car manufacturing.

Manufacturers hope that they will hit one million vehicles again in 2025 but getting to pre-pandemic levels would require major investment and new makers to come to the UK.

Firms are worried that the UK is falling behind the US and the EU when it comes to offering state aid to manufacturers.

A very significant bit of US legislation - the Inflation Reduction Act - will offer billions in subsidies to car makers who create electric vehicle supply chains in the US.

Continue read on bbc.com

Logo Nasdaq
Business / FinanceBy The Motley Fool2023-01-25 20:00:13
Image source: Getty Images Any time you have a disconnect between supply and demand, the price of a given item has the potential to rise significantly....

Logo PR Newswire
DUBLIN, Jan. 25, 2023 /PRNewswire/ -- The "Car Care Products Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering. This...

Logo EIN Presswire
TechnologyPress Release2023-01-25 19:15:00
Vehicle Engine And Engine Parts Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032 The Business Research Company's Vehicle Engine...

Logo BBC
Business / FinanceBy Https://Www Facebook Com/Bbcnews2023-01-26 00:04:31
By Faisal Islam Economics editor When the US Congress passed Joe Biden's Inflation Reduction Act last summer, the bill seemed built on good intentions....

Logo PR Newswire
AutoPress Release2023-01-25 06:30:00
NEW YORK, Jan. 25, 2023 /PRNewswire/ -- The global connected car market size is estimated to increase by USD 172,767.39 million from 2022 to 2027. The...

Logo Daily Mail
Business / FinanceBy Rob Hull2023-01-25 14:50:14
Electric car charging infrastructure at crisis point: Monthly new device installations need to rise by 288% if ministers are to meet their target of 300k...

Logo EIN Presswire
Market Research Reports, Business Consulting Services & Analytics Automotive Plastics market size is estimated to reach US$53.8 billion by 2027 after...

Logo PR Newswire
AutoPress Release2023-01-25 07:00:00
NEW YORK, Jan. 25, 2023 /PRNewswire/ -- The global electric vehicle market size is estimated to increase by 25,927.15 thousand units from 2022 to 2027. The...

Logo CNBC
Business / FinanceBy Robert Ferris2023-01-25 19:32:38
In this article 8TRA-DE VOLV.B-SE PCAR DTG-DE Follow your favorite stocksCREATE FREE ACCOUNT Semitruck makers have seen record demand for trucks in recent...

Logo Bloomberg
TechnologyBy Lindsey Rupp2023-01-25 23:02:51
Mass job cuts are accelerating at technology companies and being felt around the world. International Business Machines Corp. was the latest to announce it...

Logo Daily Mail
Business / FinanceBy John Paul Ford Rojas2023-01-25 22:03:13
Money markets are betting interest rates will start to fall this year as inflation fears are overtaken by the need to shore up Britain's ailing economy....

Logo EIN Presswire
AutoPress Release2023-01-25 07:33:28
Emergen Research Logo Depleting resources of fossil fuels, and rising need for eco-friendly vehicles are driving electric vehicles market revenue growth...

Logo CNBC
Business / FinanceBy Michael Wayland2023-01-25 11:00:01
Key Points Tesla vehicles in the U.S. are seeing significant price cuts. The decision makes the vehicles more affordable and likely eligible for federal tax...

Logo The Independent
PoliticsBy Sophie Wingate2023-01-25 07:21:01
The North of England receives one of the lowest levels of investment among advanced economies, a think tank has said. If the region were a country, Greece...

Logo Daily Mail
Business / FinanceBy Daily2023-01-25 21:50:46
Jaguar Land Rover has posted its first profit in nearly two years thanks to easing chip shortages and booming sales. In the three months to the end of...

Logo Daily Mail
Business / FinanceBy Daily2023-01-25 21:50:49
Fears: Mike Hawes, chief exec of the Society of Motor Manufacturers and Traders Car workers have abandoned production lines to work at Amazon, the head of an...

Logo Benzinga
Business / FinanceBy Business Wire2023-01-25 22:35:00
Worldwide smartphone shipments declined 18.3% year over year to 300.3 million units in the fourth quarter of 2022 (4Q22), according to preliminary data from...

Logo Daily Mail
Business / FinanceBy Calum Muirhead2023-01-25 21:55:07
Tesla reported record-breaking results following its highest-ever number of vehicle deliveries. The electric car maker revealed a profit of 11.4billion for...

Logo PR Newswire
NEW YORK, Jan. 25, 2023 /PRNewswire/ -- Germany's machinery and equipment industry has the highest productivity for engineering and technical personnel in...