Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data
British car demand stalls after Brexit, denting October output
© Reuters. Cars are displayed outside a Volvo showroom in west London
LONDON (Reuters) - Britain made fewer cars last month for the first time in more than a year, driven by slower domestic demand and prompting the industry's lobby group to renew its call for the government to maintain free trade as Britain leaves the European Union.
Overall output fell by an annual 1 percent to 151,795 units in October, the Society of Motor Manufacturers and Traders (SMMT) said on Thursday, although year-to-date volumes remain on course to beat the ten-year high achieved in 2015.
Demand for the 81 percent of British-built models which were exported rose marginally in October, but there was a 10.9 percent drop in the output destined for British buyers.
The SMMT said that model changes, which can reduce output as manufacturers phase out older products and bring in newer vehicles, had an impact on the monthly figures.
But separate car registrations data shows that overall sales growth has slowed since the June 23 referendum and rising business demand has compensated for a fall in sales to individuals in every month since April.
Britain's overwhelmingly foreign-owned car industry backed EU membership ahead of the vote and Nissan (T:7201), which operates the country's largest plant, sought guarantees that its cars would not face tariffs before committing to a major investment.
SMMT Chief Executive Mike Hawes said the data showed the need for government to guarantee that it would not become more expensive to sell British-made vehicles abroad.
"It is crucial that British-built cars remain attractive to international buyers and exports are not subject to additional tariffs, costs and other barriers to successful trade," he said.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.