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

Future Retirement Success

Business

UK car production declines as manufacturers pivot to electric models

by July 25, 2024
July 25, 2024
UK car production declines as manufacturers pivot to electric models

UK car production has experienced a 7.6 per cent drop in the first half of 2024 as manufacturers shift their focus towards electric vehicle (EV) production.

The Society of Motor Manufacturers and Traders (SMMT) reported that 416,074 new cars were produced, marking a decrease of 34,094 units compared to the same period in 2023.

This overall decline in production was primarily driven by a significant reduction in exports, while the domestic market saw an increase. Cars produced for the UK market rose by 17.7 per cent year-on-year to 106,157 units, whereas export production fell by 13.9 per cent to 309,917 vehicles. The European Union remains the largest export market, accounting for 55.4 per cent of the total, followed by the US, China, Turkey, and Australia.

The SMMT attributed the drop in production to the ongoing transition of manufacturers retooling their factories to accommodate EV production. Despite this shift, EV production also fell by 7.6 per cent in the first half of 2024, totalling 157,224 units. Electric vehicles now make up 37.8 per cent of total car production, a figure unchanged from the previous year.

The decline in EV production mirrors a global slowdown in demand. Notably, Tesla reported a 45 per cent drop in second-quarter profits compared to the previous year and a 4.8 per cent decrease in car sales for the same period. The company, however, remains committed to its plans for new and more affordable EV models.

The reduced demand for EVs has been partly influenced by the withdrawal of subsidies in several European countries. France reduced subsidies by 20 per cent for higher-income buyers, and Germany ended its EV subsidy programme in December to address budget constraints. In the UK, grants for buying EVs were terminated in 2022, although business buyers still benefit from some tax incentives.

Additionally, the European Union recently increased tariffs on Chinese EVs from 17.4 per cent to 37.6 per cent, plus a 10 per cent duty already in place. This move was justified by accusations of “unfair subsidisation” of Chinese EVs, making it challenging for European manufacturers to compete. However, the new Labour government in the UK has indicated it is unlikely to follow the EU’s lead. Trade Secretary Jonathan Reynolds, speaking at a G7 trade ministers meeting, stated that the UK remains “vigilant” but has not suggested similar tariffs.

The Trade Remedies Authority, responsible for addressing unfair international trade practices in the UK, has not yet launched an investigation into Chinese EV imports.

Read more:
UK car production declines as manufacturers pivot to electric models

0
FacebookTwitterGoogle +Pinterest
previous post
Doctors react after Biden’s live address to the nation: A concerning ‘lack of emotion’
next post
Rachel Reeves poised for £25bn tax rise, says former Bank of England ratesetter

You may also like

What is the safe temperature range for insulin?

January 23, 2023

VAT expert calls for reform of “Britain’s most...

March 30, 2023

Charities seek to distance themselves from Michelle Mone...

November 25, 2022

How 4 Innovative Companies are Shaping the Future...

October 28, 2024

Christopher Cane On His Role As a Professional...

February 3, 2023

NatWest boss’s ‘£2.4m exit deal’ is a disgrace,...

August 23, 2023

NatWest launches £1 million competition to accelerate small...

April 1, 2025

Suppliers warn farming inheritance tax will jeopardise UK...

November 6, 2024

The Legal Landscape of E-commerce: Contracts, Compliance, and...

October 11, 2024

Staff at UK aviation regulator vote to strike...

August 23, 2023

What is the safe temperature range for insulin?

January 23, 2023

VAT expert calls for reform of “Britain’s most...

March 30, 2023

Charities seek to distance themselves from Michelle Mone...

November 25, 2022

How 4 Innovative Companies are Shaping the Future...

October 28, 2024

Christopher Cane On His Role As a Professional...

February 3, 2023

NatWest boss’s ‘£2.4m exit deal’ is a disgrace,...

August 23, 2023

NatWest launches £1 million competition to accelerate small...

April 1, 2025

Suppliers warn farming inheritance tax will jeopardise UK...

November 6, 2024

The Legal Landscape of E-commerce: Contracts, Compliance, and...

October 11, 2024

Staff at UK aviation regulator vote to strike...

August 23, 2023

    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

    • Expanding Federal Involvement in Education Isn’t the Way to Celebrate Independence Day

      July 3, 2025
    • Rubio-run State Department dumps Biden-era DEI hiring criteria, replaces with ‘fidelity’

      July 3, 2025
    • Colby’s China-focused Pentagon playbook sparks Ukraine arms freeze

      July 3, 2025
    • GOP lawmakers rebuke Elon Musk’s primary threats, say Trump’s legislation ‘something we’ve got to do’

      July 3, 2025
    • American Craft Brewers Suffering Under Trump’s Tariffs

      July 3, 2025
    • More NYC Corruption

      July 3, 2025

    Categories

    • Business (8,379)
    • Investing (2,099)
    • Politics (15,931)
    • Stocks (3,187)
    • 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