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Financial News: UK Car Production Declines Sharply In January: SMMT

UK Car Production Declines Sharply In January: SMMT

02/26/2021 - 01:07:00 (RTTNews)

(RTTNews) - UK car production declined sharply in January largely due to the ongoing effects of the pandemic, extended shutdowns and global supply chain issues along with friction in the new trading arrangements following the end of the Brexit transition period, data released by the Society of Motor Manufacturers and Traders, or SMMT, showed on Friday.

Car production decreased 27.3 percent on a yearly basis to 86,052 units in January. With a fall of 32,262, this was the worst January performance since 2009, and a 17th consecutive month of decline.

Production for both domestic and overseas markets decreased, to 16,692 and 69,360 units respectively, representing falls of -18.3 percent and -29.1 percent. Shipments to major markets the EU, US and Asia all fell by double digits.

Mike Hawes, SMMT chief executive, said, "Yet another month of decline for UK car production is a grave concern and next week's Budget is the Chancellor's opportunity to boost the industry by introducing measures that will support competitiveness, jobs and livelihoods."

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