Financial News: UK Car Manufacturers Report Worst Production For November

UK Car Manufacturers Report Worst Production For November Since 1980

12/20/2024 - 05:57:00 (RTTNews)

(RTTNews) - UK car production posted its sharpest decline for the month of November since 1980 largely reflecting weaker global demand, data published by the Society of Motor Manufacturers and Traders showed on Friday.

Car production declined 30.1 percent on a yearly basis in November. This was the ninth consecutive decline.

Only 64,216 cars rolled off factory lines due to weakness in global demand and the fact that output increased sharply in November 2023 as Covid-related supply chain challenges faded. Also, manufacturers were retooling factories to build electric vehicles.

All major manufacturers reported declines, representing the worst performance for the month since 1980. Production for domestic market plunged 56.7 percent and export markets decreased 21.3 percent.

In the year to date, car output slid 12.9 percent to 734,562 units, which was 108,787 fewer than the same period last year and almost half a million short of 2019 volumes.

The decline was anticipated as the restructuring is taking place across the global automotive industry and the companies are moving from ICE to EV production.

The SMMT said the UK automotive manufacturing is well placed to take advantage of this shift as recent investment announcements in EV and battery production testify.

However, the SMMT said the UK government should act quickly by introducing incentives for private consumers, boosting infrastructure rollout and fast tracking an industrial and trade strategy that deliver competitive conditions.

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