April 19: As per data released by the Society of Motor Manufacturers and Traders (SMMT), car manufacturers in the UK have posted a strong first quarter. Car manufacturing rose 0.3 percent in March, and was up 12.3 percent over the first quarter.
CV output however fell by 21.3 percent in March, and was down 9.6 percent over the first three months of the year. UK engine production also fell by 8.7 percent in March and by 0.5 percent over the year-to-date.
“Car production held firm in March contributing to 12.3 percent growth during the first quarter of 2012. Challenging economic conditions in mainland Europe are a concern, but the sector continues to win business in important and faster growing export markets,’’ said Paul Everitt, SMMT chief executive. “The prospects for the UK motor industry are extremely good with new investment, commitment and jobs being created by global automotive companies.’’
SMMT is one of the largest and most influential trade associations in the UK. It supports the interests of the UK automotive industry at home and abroad. The automotive industry is a vital part of the UK economy accounting for £49 billion turnover and £10 billion value added. With over 700,000 jobs dependent on the industry, it accounts for more than 10 percent of total exports and invests £1.3 billion each year in automotive R&D.