Seven months into 2016, UK's car production sector has already had more than million vehicle purchases, with the last time happening back in 2004. The SMMT or the Society of Motor Manufacturers and Traders states that there was a 7.6% output increase from 2015, given that there have been 1.023m cars produced from January to July of this year.
Reaching the 1 million mark was last done in 2004, and this growth was posted despite the recent "Brexit" incident, which left a lot of people against the exit of the UK from the European Union worried that there would be a plummet in production and manufacturing of cars and more. Furthermore, there has been a notable 14% increase in domestic market output and a 6% increase in exports in July.
More than 750,000 cars have been manufactured for the first 7 months of 2016 for markets outside of the UK, which comprises 80% of all cars made in the country. These numbers justify the statement of the chief executive of SMMT, Mike Hawes, that 2016 is a booming year for car production in the UK, and that there are higher demands for UK-built car models worldwide.
This was contrary to what those who have voted "Remain" during the Brexit feared, and Mr. Hawes highlighted the importance of openness for business by the UK to other countries.Billions of euros have already been invested in the UK, solely for the production of new models, and to stiffen market competition in the country.
The success of future endeavours is also said to be highly dependent on the demands for new cars will increase, and that people investing in Britain would continue to be racing with each other while making themselves open to other business transactions.
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