According to the most recent data from the Lloyds Bank UK Sector Tracker, the UK automotive sector grew for the sixth month in a row.
The sector includes not just the vehicle makers, but also the manufacturers of parts for them. In June, the tracker gave an index of 52.8 for this sector, where anything above 50 represents growth. Nevertheless, a slowing in the pace of growth is evident when comparing it to May’s value of 54.5.
Furthermore, despite the wider UK economy slowing down, there was strong growth in new orders for the automotive sector, as evidenced by an index value of 62.3, a considerable increase on May’s value of 55.8.
Stuart Apperley of Lloyds Bank Corporate and Institutional Banking said that the year had been challenging for the industry for a number of reasons, yet it had managed to rapidly increase the production of battery electric vehicles. He added:
“The sector has demonstrated its resilience over the last two years, but will need continued investment and proactive support to ensure the UK remains a competitive landscape as it transitions from internal combustion engines to EV and other zero emission technologies.”
While it is positive news that the UK automotive sector is holding up well, keeping down costs is becoming increasingly important for all manufacturers. At TrAchem, we can help you do this in a number of ways, whether it’s by helping you to consolidate your lubricant supplies or advising you about longer-lasting, more efficient products like the Mobil DTE 10 Excel series.