John Leech, head of automotive at KPMG in the UK, comments on the SMMT car production figures released today , up 16.2% in August.
"Soaring UK car production is being fuelled by rising demand from both the UK and the Eurozone. Yet these August 2013 figures may be flattered by the poor results this time last year, when the Greek and Spanish debt crises were gathering momentum.
“Nevertheless, with UK car sales almost back at pre-recession levels and with demand from Europe having bottomed out, I remain confident UK car production will rise again this year, the fourth year in succession and I forecast further increases in production in 2014, 2015 and peaking in 2016 at around 1.9 million cars.
“One notable point, as a result of the UK increasingly making higher priced cars, the forecast trade surplus on cars is projected to be a record GBP 8 billion in 2016.”
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Notes to editors:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.