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UK car production slumped 18% on-year in December to 51,168 vehicles, thereby dragging full-year 2022 output down 9.8% on-year to 775,014 units, according to the Society of Motor Manufacturers and Traders (SMMT). The 2022 drop was also down 40.5% on the pre-pandemic year of 2019. The main reasons for the depressed output were “the crippling global shortage of semiconductors, which limited the ability to build cars in line with demand; significant structural …
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