U.K. Car Production Slips

The U.K.'s output of passenger vehicles in January dropped to 127,400 units from 128,900 in January 2014, according to the Society of Motor Manufacturers and Traders.

SMMT says the dip is because several domestic manufacturers are retooling for new models. The association says the industry's investment in new products will total about 7 billion (€9.5 billion).

Car sales in the U.K. climbed nearly 7% to 164,900 units last month. But SMMT predicted earlier that the pace of sales growth will slow this year as the market returns to pre-recession volumes.

Meanwhile, the group expects auto production in the U.K. to resume its year-on-year increase later this year.