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Financial News: UK Car Production Declines In May: SMMT

UK Car Production Declines In May: SMMT

06/29/2017 - 04:20:00 (RTTNews)

(RTTNews) - UK car production declined in May as car makers adjust production schedules for new model introductions, the Society of Motor Manufacturers and Traders reported Thursday.

Car output dropped 9.7 percent year-on-year to 136,119 units in May.

Production for domestic market plunged 12.8 percent. Despite a 9 percent fall in overseas demand, export demand remained strong, SMMT said.

About 576,556 new cars have been shipped abroad since January, representing a 0.8 percent increase year-on-year.

Almost 80 percent of all cars made in Britain are exported, with more than half going to Europe.

"Maintaining our current open trade links with Europe, our biggest market, and further developing global markets is vital for this sector," Mike Hawes, SMMT chief executive, said.

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