Slowdown: Jaguar vehicles roll down the production line in Castle Bromwich
UK car manufacturing has slumped for the fifth month in a row as factories switch to electric vehicles.
Industry figures were produced in July, down 14.4 per cent year-on-year.
The Society of Motor Manufacturers and Traders (SMMT) said the decline was mainly due to ‘model change-overs and temporary supply challenges’.
Car making volumes for the year to date are down by 8.6 per cent, compared with 2023. The SMMT has cut its forecast for the full year, predicting output for 2024 will fall below 1m.
Production for the UK fell 5.1 per cent while export volumes fell 16.3 per cent.
Total output was calculated to be worth more than £20billion – a rise in value.
The average ‘factory gate’ price of a car has risen from £38,200 in 2023 to £41,800 this year.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
***
Read more at DailyMail.co.uk