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Financial News: UK Car Production Declines On Weak Demand: SMMT

UK Car Production Declines On Weak Demand: SMMT

10/31/2019 - 00:33:00 (RTTNews)

(RTTNews) - UK car production declined in September as Brexit uncertainty weighed on both domestic and foreign demand, data released by the Society of Motor Manufacturers and Traders, or SMMT, showed on Thursday.

Car production decreased 3.8 percent year-on-year to 122,256 units in September. Production for domestic market fell 5.1 percent.

Output for overseas markets dropped 3.4 percent reflecting cooling demand in key global and European markets.

Year-to-date performance was down 15.6 percent as political and economic turmoil, softness in key global markets and operational changes impact output, the SMMT said. This was the biggest drop for the first three quarters since 2011.

On day UK was due to leave the EU, SMMT said the sector calls for end to uncertainty and an ambitious future relationship based on tariff-free and frictionless trade.

"Most worrying of all though is the continued threat of a 'no deal' Brexit, something which has caused international investment to stall and cost UK operations hundreds of millions of pounds, money that would have better been spent in meeting the technological challenges facing the global industry," Mike Hawes, SMMT chief executive, said.

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