UK motor industry trade association the Society of Motor Manufacturers and Traders (SMMT) revealed on Thursday that UK car exports have reached five million since the beginning of 2010.
Steady growth in the sector was marked in July this year, with the best UK car export performance of any decade. There were 132,570 cars manufactured in July, an increase of 2.8%.
According to SMMT, strong international demand for luxury brands has resulted in the average price of vehicles currently exported from Britain being valued at more than GBP20,600 per car, a significant increase when compared to GBP10,200 in 2004.
Mike Hawes, SMMT chief executive, stated: “The UK automotive industry continued its renaissance in July, with the month marking five million car exports since 2010.”
He added “This is a major milestone and testament to the burgeoning reputation of UK automotive excellence and demand for British-made cars. Significantly, UK car export values have doubled over the past decade – reflecting the diversity of the products we make and proving the sector’s worth as a global investment opportunity.”
Manufacturing output for commercial vehicles declined in July 2014, with volumes down 25% to 6,338 units. The fall in July is said to reflect trends in previous months, with year-to-date output down 23.3%. However, this sector is expected to stabilise over the coming months.
According to Hawes, “With the effects of the 2013 restructuring still evident, as well as the spike in truck registrations towards the end of last year, this was to be expected. The coming months should provide more optimism, however, with European demand showing sustained improvement.”
Growth is also expected in UK engine output, despite a decline in July this year. Compared to July 2013, engine output fell 10.2% to 205,907 units; however year-to-date production remains stable at 1,513,350, a drop of 2.3%. Over the long-term, the future looks positive for UK engine production, with new facilities due to begin assembly as well as a continued recovery in the EU market.