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FX.co ★ UK Car Manufacturers Report Worst Production For November Since 1980

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typeContent_19130:::2024-12-20T10:57:00

UK Car Manufacturers Report Worst Production For November Since 1980

The Society of Motor Manufacturers and Traders reported on Friday that UK car production experienced its most significant November downturn since 1980, predominantly due to reduced global demand.

In November, car production saw a year-on-year decrease of 30.1%, marking the ninth consecutive month of decline. Only 64,216 vehicles were produced, a result of subdued global demand alongside the sharp production increase in November 2023, as Covid-related supply chain disruptions eased. Additionally, manufacturers have been retooling factories to accommodate electric vehicle production.

Major manufacturers reported downturns, contributing to the weakest November performance since 1980. Production for the domestic market plummeted by 56.7%, while production for export markets fell by 21.3%.

For the year to date, vehicle output has decreased by 12.9%, totaling 734,562 units. This figure is 108,787 units fewer than the same period last year and falls nearly half a million short of 2019 volumes.

This decline aligns with expectations, as the global automotive industry undergoes restructuring to transition from internal combustion engine (ICE) vehicles to electric vehicles (EV).

The SMMT noted that the UK automotive sector is well-positioned to leverage this transition, with recent investments in EV and battery production underscoring this potential. Nevertheless, the SMMT emphasized the importance of swift action by the UK government, suggesting the introduction of consumer incentives, enhancement of infrastructure development, and the fast-tracking of an industrial and trade strategy to ensure competitive conditions.

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