Financial News: UK Car Production Falls 7.6% In February: SMMT

UK Car Production Falls 7.6% In February: SMMT

(RTTNews) - UK car production declined for the twelfth successive month in February due to rising trade tensions and weak domestic demand, the Society of Motor Manufacturers and Traders, or SMMT, said Thursday.

Car production declined 7.6 percent yearly to 73,814 units in February, data showed.

Production for the export market plunged 33.3 percent in February, while that for the export market advanced by 1.3 percent.

Combined car and commercial vehicle production declined 11.6 percent to 82,178 units in February.

The EU remained the largest market for UK car exports, taking 53.5 percent, followed by the US and China with 19.7 percent and 6.3 percent, respectively.

Production of battery electric, plug-in hybrid, and hybrid cars for the domestic market fell 5.6 percent to 27,398 units.

Data showed that CV output slumped 35.9 percent, driven primarily by less van production and following last year's February performance, which was the best since 2008, when output almost doubled.

"It was disappointing, therefore, to hear a Spring Statement that did nothing to alleviate the pressure on manufacturers and, moreover, confirms the introduction next month of additional fiscal measures which will actually dissuade consumers from investing," Mike Hawes, SMMT Chief Executive, said.

"Without substantive regulatory easements our manufacturing viability remains at risk and the UK's transition to zero emission mobility under threat."

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