Vehicle production is at an all time high in the UK according to the latest stats revealed by the industry’s Society of Motor Manufacturers & Traders.
A one percent increase in annual car production doesn’t sound like much but it equates to 1.53 million cars manufactured in 2014.
Demand from UK buyers has been particularly strong and is the main reason why UK car production is at its highest level since 2007.
However exports fell by a small margin due to a weak demand from the euro zone which is facing an uphill struggle to regain economic momentum right now.
“More than 7 billion pounds ($10.5 billion) of investment into UK production facilities has been announced in the past two years, and we are now seeing the effects as new models begin production — with more expected in 2015,” said SMMT Chief Executive Mike Hawes.
The UK is a production hub for a number of foreign volume manufactures which account for the buoyant stats.
“More than £7 billion of investment into UK production facilities has been announced in the past two years, and we are now seeing the effects as new models begin production – with more expected in 2015. UK car manufacturing is now more diverse than ever, with a unique combination of volume, premium and specialist brands giving our products truly global appeal. This is epitomised by the doubling of car export values in the decade from 2005 to 2014.” added Hawes.
General Motors, Toyota, BMW, Nissan, Honda and its home grown but foreign owned Jaguar Land Rover and Mini are all major players within the UK.