Commenting on UK car production growth figures announced by the Society of Motor Manufacturers and Traders (SMMT) today Mike Thornton, National Head of Manufacturing and Yorkshire Audit Partner, said:
‘The resurgence of UK car manufacturing has been one of the highlights of the last decade. It is now a substantial economic driver for the UK – a fast growing sector where over three quarters of all production is exported across the world. The key to success has been multi-billion pound investment, coupled with premium brands and high quality, attractive vehicles.
‘This data is particularly welcome news for the sector, and in particular the knock on benefit that the substantial supply chain industry is feeling. Many SMEs are now themselves able to invest for the future, fuelled by this expansionary journey.
‘Whilst the Brexit impact on these figures is probably minimal, the current exchange rate correction should mean that economic conditions for further car exports are favourable with import prices potentially lower in key overseas markets.’