Automotive industry urges politicians to steer clear of ‘no deal’ Brexit

According to figures from the Society of Motor Manufacturers and Traders (SMMT), 1,519,440 new cars left UK factories in 2018, which marks a -9.1 per cent decline in production and the second consecutive annual fall.

According to SMMT, inward investment fell by -46.5 per cent on 2017 to £588.6m, a situation attributed to fears surrounding the UK’s future trading prospects with the EU and other key markets following Brexit.

In 2018, production for the UK market fell -16.3 per cent as regulatory changes and ongoing uncertainty over future diesel policy and taxation were exacerbated by declining consumer and business confidence. Output for overseas markets dropped -7.3 per cent as slowdowns in European and Asian markets took effect. UK car exports to China slumped -24.5 per cent, while EU demand fell by -9.6 per cent. In the UK, registrations of British-built cars were down -20.9 per cent in the year. Overall, EU27 countries still accounted for 52.6 per cent of UK exports, amounting to 650,628 cars.