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UK car production fell in July, dropping 8.9 percent on the same month last year, SMMT said. Just over 98,000 cars were produced in the month.

McLaren Automotive is set to become Britain’s newest car manufacturer after McLaren Group boss Ron Dennis told the Telegraph that it has raised £260 million of new business finance to help fund a sports car manufacturing business.

UK car production increased sharply in June, rising 28.6 percent on the same month last year, according to the Society of Motor Manufacturers and Traders (SMMT). It said almost 118,000 cars were produced in June, which was the eighth month in a row that production increased.