Connect with us

Hi, what are you looking for?

Metaverse CapitalistsMetaverse Capitalists

Business

Electric car production nears record for January

The shift to electric cars has continued with combined battery-electric, plug-in hybrid and hybrid electric vehicle production in January rising by almost 50 per cent compared with a year ago.

The latest figures from the Society of Motor Manufacturers and Traders show that the total number of electric or hybrid vehicles produced was 28,329, representing more than four in every ten cars made in January, a near-record monthly share.

The trade body said total car production was “stable” last month, with output down by 0.3 per cent to 68,575, equivalent to 215 fewer cars. Supply chain shortages were still afflicting some manufacturers, it reported.

Production for the UK increased by 5.6 per cent while exports fell by 1.5 per cent, largely due to the suspension of shipments to Russia.

More than four out of five cars built last month were destined for overseas markets, with more than half of these for the European Union.

Mike Hawes, chief executive of the SMMT, said: “Automotive manufacturing can drive long-term growth for the low-carbon economy but the sector needs competitive conditions to attract investment.

“Recent global developments, however, suggest increasing protectionism that, if not challenged or mitigated, could put the UK at a disadvantage.

“To deliver a wholesale industrial transformation we need a competitive framework and a pitch that promotes advanced vehicle manufacturing internationally.

“We now look to the forthcoming budget for the necessary measures that will enable the automotive sector to deliver its undoubted potential.”

The latest independent outlook anticipates production increasing by 9 per cent to 842,200 cars this year, driven by growth in electrified vehicles, the society said.

By 2025 car and light van production is predicted to be more than one million, it added.

Richard Peberdy, of KPMG, said: “An easing of supply shortages and continued demand for new cars, despite the cost of living squeeze, is keeping the market moving, but medium to longer-term questions remain unanswered.

“At present the UK is proving a less attractive proposition for new vehicle manufacturing facilities due to relatively high labour and energy costs, and access to raw materials and chemicals.”

Read more:
Electric car production nears record for January

    You May Also Like

    Business

    In the UK, the care sector is under incredible strain, it’s good to know there are people working hard to address the issue. One...

    Business

    With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike the right chord...

    Politics

    On January 10, the French government announced plans to raise the retirement age from 62 to 64. The change would mean that after 2027,...

    Business

    Facebook is being challenged in the High Court over the personal details it collects on users in a case that threatens the company’s business...

    Dislaimer: pinnacleofinvestment.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 metaversecapitalists.com | All Rights Reserved