UK manufacturing of economic autos (CVs) declined -31.5% in January, with simply 5,616 models leaving manufacturing unit gates, in keeping with the most recent figures launched right this moment by the Society of Motor Producers and Merchants (SMMT). The continued influence of the coronavirus pandemic, friction in commerce with the EU following the Brexit deal and weak demand all affected output, leading to a fourth consecutive month of decline and the worst begin to the 12 months since 2015.1
Manufacturing remained subdued for each home and abroad markets, down -28.8% and -33.6% respectively with demand for British-built CVs falling throughout most export locations, together with the most important driver of shipments – the EU. Greater than half (53.2%) of all CVs made had been shipped overseas within the month, reinforcing the significance of world commerce for UK CV makers.
Mike Hawes, SMMT Chief Government, stated,
After a pointy fall in CV manufacturing final 12 months, it’s disappointing to see output fall once more at the beginning of 2021. With so many roles at stake and an actual have to safe funding for this important sector, subsequent week’s Funds is a chance for the Chancellor to ship a shot within the arm to the trade. We’d like the precise situations that may increase enterprise confidence and deal with depleted order books throughout the trade, which suggests an extension of the CJRS furlough scheme, a overview of enterprise charges to incentivise manufacturing funding and improved fiscal measures to help uptake of the most recent alternatively fuelled industrial autos.
SOURCE: SMMT
