More than 1.5 million cars were made in the UK last year, a six-year high, according to the trade body the Society of Motor Manufacturers and Traders (SMMT). Equating to one car made every 20 seconds, the 1.5 million cars produced in 2013 was a 3.1% increase on the previous year. Sales in the UK had surged whilst demand across the world was robust, the SMMT said, with the UK likely to become the third biggest car maker in Europe in the near future, behind only Germany and Spain. All time production records could be broken as soon as 2017 if current trends continue, which would represent a huge boost for the industry which had flagged in recent years as many car makers took production lines overseas. Four out of five cars made in the UK are sold abroad, with largest demand coming from China, the US and Russia. Of the 1.5 million cars, more than 500,000 were made by Nissan in Sunderland, with Land Rover, Toyota and Mini also producing large numbers. SMMT chief executive Mike Hawes said of the figures: “2013 demonstrated the value of the UK's diverse car manufacturing industry”.
Invoice Finance for Manufacturing
As UK car production revs on, smaller manufacturing firms supplying to the car industry are also reaping the rewards of increased car production. However, late payments from large corporates can sometimes cause cashflow issues for their debtors such as SME manufacturers, with many working on payment terms of 30 days or more. Invoice finance is one external funding solution which many businesses can access, which works by unlocking funds that gets tied up in unpaid invoices. Invoice factoring and invoice discounting, two forms of invoice finance, can work really well to fund a business, free up its cashflow and allow it to focus on reaching its potential rather than always worrying about when the next invoice will be settled. Why not take a look at our specific invoice finance solutions for manufacturers, or get in touch with us for more information by filling in the enquiry form on the right.