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Financial News: UK Car Production Declines On Weak Domestic Demand

UK Car Production Declines On Weak Domestic Demand

08/30/2018 - 06:02:00 (RTTNews)

(RTTNews) - UK car production logged a double-digit decline in July largely reflecting a sharp contraction in domestic demand, the Society of Motor Manufacturers and Traders said Thursday.

Car production fell 11 percent year-on-year to 121,051 units in July. Production for domestic market plunged 35 percent and that for exports decreased 4.2 percent.

The declines follows a particularly strong July in 2017 when the launch of several new models boosted output by almost 10,000 units.

Mike Hawes, SMMT chief executive, said, "While the industry is undoubtedly feeling the effects of recent uncertainty in the domestic market, drawing long term conclusions from monthly snapshots requires a health warning."

"To ensure future growth, we need political and economic clarity at home, and the continuation of beneficial trading arrangements with the EU and other key markets," Hawes added.

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