UK Car Production Falls 10% In 2022; EVs See Strong Performance

Annual U.K. car production fell 9.8% to 775,014 units in 2022 as global chip shortages, and structural changes depress output.
The data released by the Society of Motor Manufacturers and Traders (SMMT) indicated that production in 2022 was 40% less than pre-pandemic in 2019.
The main reasons for the depressed output were the crippling global shortage of semiconductors, which limited the ability to build cars in line with demand.
Also, significant structural changes, reflecting a loss of production at two volume manufacturing sites, and the impact of supply chain pauses in China due to Covid lockdowns played a key role.
On the brighter side, the battery electric (BEV), plug-in hybrid (PHEV), and hybrid (HEV) electric vehicles' volume rose by 4.5%.
Electric vehicles represented almost a third (30.2%) of all car production.
Since 2017, the value of BEV, PHEV, and HEV exports has risen seven-fold, from £1.3 billion to more than £10 billion.
Electrified vehicles represent 44.7% of the value of all U.K. car exports.
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