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Financial News: UK Car Production Worst Since 1946: SMMT

UK Car Production Worst Since 1946: SMMT

06/26/2020 - 02:29:00 (RTTNews)

(RTTNews) - UK car production was the worst for May since 1946 as plants either remained closed or restarting at reduced capacity, the Society of Motor Manufacturers and Traders, or SMMT, reported Friday.

Car manufacturing output declined 95.4 percent from last year in May. Only 5,314 vehicles rolled off production lines.

This was slight improvement from April, when 197 units were manufactured but it still marked the worst May since 1946.

With key global markets only just beginning to reopen, about 4,260 cars were exported in May, most into the EU, the US and China. Exports were down 95.5 percent.

At the same time, production for domestic market decreased 95.2 percent from the previous year.

During January to May, factories turned out 324,763 cars, representing a decline of -41.7 percent on the same period last year, with the full year outlook now expected to be fewer than one million units.

Mike Hawes, SMMT Chief Executive said, "May's figures are yet more evidence of why the UK industry, like its global rivals, needs dedicated support to drive a successful restart."

"Government assistance so far has been vital in keeping many businesses afloat, but the job isn't done. Measures to boost cashflow, including additional and tailored finance schemes, tax relief and business rates deferral would deliver immediate results when liquidity is most acute," Hawes added.

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