In our article earlier this week discussing Bentley’s increasing sales in 2011, we touched upon the fact that sales in the motor industry have, on the whole, since November 2010, declined by 4.2%, yet they are actually higher than forecasts suggested they might have been.
Rising Production
Since that blog post further information has been released and reported by the BBC. They have reported that in November, car production rose for the sixth straight month according to the Society of Motor Manufacturers and Traders (SMMT).
Last month, there were 136,111 cars produced, which is 8.5% higher than the same time last year. This certainly represents some fantastic progress. Furthermore, it has been reported that engine production rose by 1.7% in November.
The Chief Executive of SMMT, Paul Everitt, has been quoted saying: “UK vehicle and engine production continues to lead a manufacturing recovery. Despite the challenges in the Eurozone, the UK motor industry expects further growth in 2012.” This will be pleasing news for motor insurance companies as the number of insurance policies being renewed, and taken out, will hopefully be on the increase.
All-Time High…Nearly
KPMG, one of the largest firms in London, if not the world, has explained that strong demand from Asian consumers has been helping to drive the production figures up, and John Leech, a partner in KPMG’s automotive practice has been saying: “As a result, the proportion of cars produced in Britain for the export market is close to an all-time high.”
He then went on to add: “Premium manufacturers are performing well at present, notably Jaguar Land Rover and Rolls-Royce, both of whom are enjoying record years fuelled by Chinese demand for British exports.”
Jobs Created
This is brilliant news for the motor industry in the UK and it will also help open up jobs for thousands of people across the UK. With unemployment at its highest point since 1996, more jobs being created by the motor industry can only be a good thing for the economy, right?
Japanese manufacturer, Toyota, are also doing their bit for the UK economy and the motor industry on the whole, as they are on the brink of investing over £100 million in the firm’s Derbyshire factory. This will make it the sole European centre for making the new hatchback next year and this will in turn create 1,500 jobs in the area. Yet more great news!