The Society of Motor Manufacturers and Traders (SMMT) in the UK reports car production fell 44.5% y/y in April
- The biggest fall in 10 years
- Car factories shut down last month to sidestep the risk of supply chain disruption from a potentially chaotic “no-deal” Brexit on March 29, the original date for Britain’s departure from the European Union.
- While this was pushed back to Oct. 31, the postponement came too late for carmakers to change plans, prompting a “dismal” collapse in output, the SMMT said.
“Today’s figures are evidence of the vast cost and upheaval Brexit uncertainty has already wrought on UK automotive manufacturing businesses and workers,” SMMT Chief Executive Mike Hawes said. “Prolonged instability has done untold damage, with the fear of ‘no deal’ holding back progress, causing investment to stall, jobs to be lost and undermining our global reputation.”
via Reuters report.