In January 102,000 cars were produced, up from 85,000 in December. Following a 25 year low during 2009, the SMMT expects "modest growth" during 2010.
"Vehicle and engine production rose for a third successive month in January, demonstrating the continued success of global scrappage incentive schemes," said Paul Everitt, SMMT chief executive. However the UK scrappage incentive scheme runs out at the end of February.
The SMMT estimates the scheme - which offers a £2,000 incentive to scrap old cars when buying new ones - has been responsible for about a 20% of all new car registrations since its introduction. However, Mr Everitt said he expected the recent recovery to continue, despite the ending of the UK scheme.
"SMMT expects a modest recovery in 2010 output as economic growth, a competitive exchange rate and the introduction of innovative new models to UK plants help to lift manufacturing levels above those seen in 2009." This increase in car production, is already having a knock on effect on parking prices and availability. Parking prices are forecasted to rise sharply during 2010. The pain is likely to be felt most in the major cities, with parking in london at the top of the list. Securing a long term London parking space whilst prices remain reasonable may be a good idea.
ParkLet is the UK's largest agent for the rental of parking spaces and garages, with over 22,000 parking spaces and garages available for monthly rental.