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Financial News: UK Car Production Plunges Amid Brexit Uncertainty

UK Car Production Plunges Amid Brexit Uncertainty

05/30/2019 - 00:41:00 (RTTNews)

(RTTNews) - UK car production plunged in April as Brexit shutdowns strike, the Society of Motor Manufacturers and Traders, or SMMT, said Thursday.

Car production logged a sharp contraction of 44.5 percent year-on-year in April. Only 70,971 cars rolled off production lines in April.

Production for home and overseas markets decreased 43.7 percent and 44.7 percent, respectively. Many manufacturers brought forward, and extended, production stoppages normally scheduled for the summer holiday period.

April's dismal performance, the 11th straight month of decline, exacerbated the underlying downward trend, due largely to slowing demand in key international markets, including the EU, China and the US, as well as at home, the lobby said.

During January to April period, car production decreased 23.3 percent from the corresponding period last year.

"Prolonged instability has done untold damage, with the fear of 'no deal' holding back progress, causing investment to stall, jobs to be lost and undermining our global reputation," Mike Hawes, SMMT chief executive, said.

SMMT repeated its call for urgent action to end Brexit deadlock and prevent 'no deal' devastation.

The lobby cautioned that a 'no deal' Brexit could exacerbate the decline, with the threat of border delays, production stoppages and additional costs compromising competitiveness.

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