Chinese Motorists' Yen for UK Cars Drove Exports Up 20% Last Year
Xue Jiao
DATE:  Feb 02 2018
/ SOURCE:  Yicai
Chinese Motorists' Yen for UK Cars Drove Exports Up 20% Last Year Chinese Motorists' Yen for UK Cars Drove Exports Up 20% Last Year

(Yicai Global) Feb. 2 --  The contingent of car manufacturers accompanied the UK prime minister on her visit to China shows the British government is keenly aware of the importance of the UK auto industry and the Chinese market, Mike Hawes, chief executive of the UK Society of Motor Manufacturers and Traders (SMMT) told media on Jan. 31 in London.

Chinese buyers' demand for UK-made cars is growing, and exports of these to China rose about 20 percent last year, he added.

UK Prime Minister Theresa May is on a three-day state visit from Jan. 31 to today on her first official trip to China since she took office. The delegation comprising over 40 British businesses has drawn market attention. The two countries have signed deals worth more than GBP9 billion (USD13 billion), May told UK media.

Exported cars now make up 80 percent of all UK car output for the highest tally in five years. China remained the UK's third-largest buyer of cars, taking 7.5 percent of all exports, the latest figures the SMMT published on Jan. 31 show. Chinese buyers have greater demand for premium UK car brands. About 100,000 Chinese car buyers chose British-built brands last year, all of which were from top-shelf manufacturers. China is a key market for the UK automotive industry and harbors tremendous growth potential, Hawes said.

The automobile manufacturing industry, as one of UK's key economic pillars, is especially important for the UK economy, which has languished amid the lingering uncertainty of Brexit. The country's world-renowned luxury car brands and its reputation for excellence in engine design and manufacture also helped to boost its car sales last year as billions of pounds in investment helped push production to highest-ever levels, with demand rising both at home and abroad.

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Keywords:   UK