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Financial News: UK Car Production Declines In November: SMMT

UK Car Production Declines In November: SMMT

12/23/2020 - 00:46:00 (RTTNews)

(RTTNews) - UK car production declined in November, data released by the Society of Motor Manufacturers and Traders, or SMMT, showed Wednesday.

Car manufacturing decreased 1.4 percent annually to 106,243 units in November.

Output for domestic markets dropped 10.4 percent, while that for exports gained marginally by 0.3 percent.

The annual decline in production masks a particularly weak November 2019 when precautionary factory shutdowns in anticipation of a potential 'no deal' Brexit on October 31, depressed output.

Year-to-date production was down -31.0 percent with 380,809 fewer cars manufactured in 2020. This puts the industry on course to produce fewer than a million cars this year for only the second time since the early eighties, the lobby noted.

Around 85 percent of cars built in November were manufactured for exports, highlighting the critical importance of free and fair trade with global markets to UK car makers.

Yet another decline for UK car production is of course concerning, but not nearly as concerning as the New Year nightmare facing the automotive industry if we do not get a Brexit deal that works for the sector, Mike Hawes, SMMT chief executive, said.

"With just nine days to go, the threat of 'no deal' is palpable and the sector, now also reeling from the latest coronavirus resurgence, Tier 4 showroom lockdowns and disruption at critical UK ports, needs more than ever the tariff-free trading arrangements on which our competitiveness is founded, Hawes added.

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