UK car manufacturers have more reasons to be cheerful, with the industry enjoying its best ever decade.

New figures released by the Society of Motor Manufacturers and Traders (SMMT) show five million cars were exported from UK since the beginning of 2010 - a record figure.

There was a 2.8 per cent year-on-year rise in the number of cars manufactured during July, with the figure reaching 132,570.

Average car values have also risen, the SMMT says. Today, the average vehicle exported is worth £20,600, compared with £10,200 in 2004.

Mike Hawes, SMMT chief executive, described the five million figure as a "major milestone and testament to the burgeoning reputation of UK automotive excellence and demand for British-made cars". 

He added that the doubling of UK export values over the past ten years reflects the diversity of products made and proves the sector's worth as an investment opportunity.