UK INDUSTRY IN THE DRIVING SEAT
June 25, 2014 at 3:52 PM
Britain's automobile industry smashed records going back to 1959 in May as the market grew for the 27th consecutive month.
New car sales increased by 7.7%, signifying the longest stretch of growth for new cars in the UK since a 26-month run between May 1987 and June 1989. In April, UK car production rose by 21% with Europe, which accounts for half of exports, now seeing an upturn in demand.
The trade UK body, the Society of Motor Manufacturers and Traders (SMMT), is now forecasting an overall rise of around 6% over the year.
"The thriving nature of the UK car manufacturing industry was evident in April as output grew at its highest rate for almost two years," explains Mike Hawes, SMMT Chief Executive Officer. "Over the past 27 months, increasingly confident consumers have been drawn to some fantastic new products, attracted by innovative technologies, improved fuel economy and competitive deals helping make a new car more affordable."
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