Car output rises despite components disruption
UK car production returned to growth in October after 69,524 vehicles left the factory gates, an increase of 7.4%. However, output is still down significantly on pre-Covid levels amid turbulent component supply.
SMMT chief executive Mike Hawes said: “Getting the sector back on track in 2023 is a priority, given the jobs, exports and economic contribution the automotive industry sustains.
“UK car makers are doing all they can to ramp up production of the latest electrified vehicles, and help deliver net-zero, but more favourable conditions for investment are needed and needed urgently.”
He pointed to the sector’s requirements in affordable and sustainable energy and availability of talent as part of a supportive framework for automotive manufacturing.
Pound at $1.21, FTSE 100 seen flat
A quiet session is expected in London as US markets were closed yesterday for the Thanksgiving holiday and will only reopen for morning trading later.
IG index sees the FTSE 100 opening 4.8 points lower at 7,461.80, although this will be sufficient to keep the top flight in positive territory for the week as a whole.
In contrast to London’s lacklustre performance, benchmarks on the continent rallied yesterday as the Dax in Frankfurt lifted 0.8% to a five-month high and the CAC 40 in Paris reached a seven month high after improving 0.4%.
The pound continues to trade at a three-month high above $1.21, while Brent crude is slightly higher this morning at $85.51.