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Financial News: UK Car Production Declines As Uncertainty Mounts: SMMT

UK Car Production Declines As Uncertainty Mounts: SMMT

11/27/2019 - 22:03:00 (RTTNews)

(RTTNews) - UK car production declined in October as the automotive sector counts the cost of uncertainty, the Society of Motor Manufacturers and Traders, or SMMT, reported Thursday.

Car manufacturing output dropped 4 percent year-on-year in October. Production decreased in 16 out of the last 17 months. Data showed that 134,752 units rolled off production lines in October.

Production for domestic market declined 10.7 percent and that for exports were down 2.6 percent.

SMMT said model changeovers also played a part in the downturn, while in the year to date car production plunged 14.4 percent to 1.12 million units, with the majority of 80.5 percent, heading abroad to destinations around the world.

Mike Hawes, SMMT Chief Executive, said, "Yet another month of falling car production makes these extremely worrying times for the sector."

"This sector is export led, already shipping cars to more than 160 countries, and in a period of unprecedented change a close trading relationship with the EU and preferential trading with all these other markets will be essential to keep automotive in Britain," Hawes added.

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