Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Electric car production nears record for January

by February 24, 2023
February 24, 2023
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

0
FacebookTwitterGoogle +Pinterest
previous post
Interest rates will need to rise again, warns Bank of England rate-setter
next post
Stopping Windows Condensation As An Alternative For Brampton Windows Replacement

You may also like

Airbus set to build new helicopters at British...

June 19, 2023

Dogecoin’s Price Volatility: Analyzing Celebrity Influence and Social...

March 14, 2025

Ørsted shelves major UK offshore windfarm project in...

May 8, 2025

UK private sector growth barely registers in November’s...

December 9, 2024

Raspberry Pi Shares Surge on London Debut, Sparking...

June 12, 2024

Insolvencies drop 15 per cent – but experts...

May 17, 2023

UK private sector shrinks payrolls as weak demand...

December 17, 2024

Operator Licence Application Process – Road Haulage

February 5, 2025

Stagnant wages since 2008 financial crash means workers...

March 20, 2023

Britain’s crumbling roads hurting economy, warn factory bosses

August 19, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.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 © 2025 futureretirementsuccess.com | All Rights Reserved