Business News Asia
According to the UK Society of Motor Manufacturers and Traders (SMMT), British car production rose by 7.4% year-on-year in October. Most of these are luxury cars and special models exported to the European Union (EU).
According to the SMMT, UK car production in October was 69,524 units, higher than in the same period last year. However, it is still around 48.4% below the 2019 level as UK automakers continue to suffer from chip shortages and supply chain issues.
About 81% of the cars produced in October have exported abroad, according to the SMMT, most of them to the EU as well as other countries such as the US, Australia, and Turkey.
The UK finance minister announced last week that the government will impose excise taxes on electric cars from 2025.