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FTSE 100 Live: Car manufacturing returns to growth, SSE £1.5bn interest sale

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(evening standard)

Automakers have reported a return to production growth after nearly 70,000 vehicles left the factory gates in October.

The figure reported by the Society of Motor Manufacturers and Traders represents a 7% increase from a year ago, although the figure is still lower than the 2019 total of 48%.

In today’s company news, the renewable energy giant SSE said it has sold a 25% stake in its electricity transmission business to the Ontario Teachers’ Pension Plan for £1.5 billion.

Auto production rises despite parts failure

07:54 , Graeme Evans

UK car production surged after 69,524 vehicles left the factory gates in October, a 7.4% increase. However, production is still well below pre-Covid levels amid component supply issues.

SMMT Chief Executive Mike Hawes said: “Getting the industry back on track by 2023 is a priority given the jobs, exports and economic contribution of the auto industry.

“British carmakers are doing everything they can to ramp up production of the latest electrified vehicles and deliver net zero, but more favorable investment conditions are needed and urgently needed.”

He pointed to the region’s need for availability of affordable and sustainable energy and talent as part of a supportive framework for automotive production.

Pound at $1.21, FTSE 100 seen flat

07:43 , Graeme Evans

A quieter session is expected in London as US markets closed for Thanksgiving yesterday and will not reopen for morning trading until later.

According to the IG index, the FTSE 100 opens 4.8 points lower at 7,461.80, although this will be enough to keep the top flight in positive territory all week.

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In contrast to London’s weak performance, the DAX rose 0.8% to a five-month high in Frankfurt and the CAC 40 in Paris rose 0.4% to a seven-month high.

The pound continues to trade at a three-month high above $1.21, while Brent crude is slightly higher this morning at $85.51.

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