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UK car production drops in April as exports fall UK car production drops in April as exports fall
(34 minutes later)
UK car production fell in April after a rise in vehicle output for the domestic market failed to offset a drop in exports.UK car production fell in April after a rise in vehicle output for the domestic market failed to offset a drop in exports.
Production in April was 3.8% lower than last year, according to the Society of Motor Manufacturers and Traders (SMMT).Production in April was 3.8% lower than last year, according to the Society of Motor Manufacturers and Traders (SMMT).
The number of cars produced for the domestic market increased by 11.1% to 29,930.The number of cars produced for the domestic market increased by 11.1% to 29,930.
However, those intended for export, which represents a much larger portion of the market, fell 7.6% to 98,382.However, those intended for export, which represents a much larger portion of the market, fell 7.6% to 98,382.
Despite this, the SMMT still expects output in the industry to increase over the coming years. Low demand in Europe may have hindered UK exports. "Europe as a whole is three million units off its peak," SMMT chief executive Mike Hawes told the BBC.
"UK car production has escalated in recent years and continues to perform steadily in 2015," said SMMT chief executive Mike Hawes. Economic confidence and interest in new models may be behind the UK's rising demand," said Mr Hawes.
"Manufacturers across the country are poised to see yet more growth following multi-billion pound investments and, providing global markets perform well, output is on track to reach record levels in the next few years." "The UK buyer is more confident than the average buyer across the rest of Europe," he said.
The growing availability and popularity of car finance packages had also pushed up domestic sales, he added. About three-quarters of purchases are now made with a finance package.
"Brits have a greater predilection to buy on credit. These packages are attracting people into the showrooms," he said.