Almost 120,000 cars were built in the UK in the month of July, it was revealed by the Society of Motor Manufacturers and Traders (SMMT) yesterday, as the industry increased its output for the 13th month in a row.
Car production is up 22% on the same period last year, with forecasts indicating there will be more than 875,000 cars built in 2012 on UK shores.
As the car industry is such a strong export sector for the UK, it has seen large investment from the government despite slowing domestic demand. Approximately eight in 10 vehicles built in the UK are sold abroad.
Investment commitments of £6bn from numerous major car manufacturers were said to have underpinned growth, helping to deliver long-term growth opportunities.
Future of UK manufacturing
Manufacturers have had it hard in recent years as euro zone problems have continued to linger and exporting conditions remain tough.
That’s why Skipton Business Finance is actively encouraging UK enterprise to support its manufacturers and help guide the sector through the double-dip recession.
Manufacturers often struggle to gain access to reliable, external funding solutions as banks have tightened their lending criteria, but invoice finance solutions such as factoring and invoice discounting have helped fill the void and aid numerous manufacturers in boosting their cashflow.