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Financial News: UK Car Production Tumbles In November

UK Car Production Tumbles In November

12/21/2018 - 07:09:00 (RTTNews)

(RTTNews) - British car production dropped significantly in November from a year ago, as the Brexit uncertainty intensified prompting businesses to wait-and-watch.

Passenger car output decreased 19.6 percent year-on-year to 129,030 units in November, figures from the Society of Motor Manufacturers and Traders (SMMT) showed Friday.

Production for the home market shrunk 1.9 percent, while that for the export market plummeted 22.8 percent. Export demand fell for

In the year-to-date period, car production decreased 8.2 percent to 1.44 million units.

"In a continuation of recent trends, weaker demand in the UK and in key European and Asian export markets was exacerbated by the ongoing impact of new regulation alongside planned model and technology changes, the SMMT said.

SMMT Chief Executive Mike Hawes said it was very concerning to see demand for UK built cars decline in November, with output seriously impacted by falling business and consumer confidence in the UK allied to weakening export markets.

"With fewer than 100 days until the UK leaves the European Union, the automotive industry needs certainty and a 'no-deal' Brexit must be ruled out," Hawes said.

"Thousands of jobs in British car factories and supply chains depend on free and frictionless trade with the EU - if the country falls off a cliff-edge next March the consequences would be devastating."

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