US EditionPublished • loading... • Updated
UK auto output falls 8% in March on weak exports, supply issues, trade body says
Exports to Asia and the United States weakened as commercial vehicle output plunged 68.3%, leaving March production at 72,511 units, the SMMT said.
- UK automotive production fell 8.2% in March to 72,511 units, according to the Society of Motor Manufacturers and Traders , driven by parts shortages at a major plant and weaker exports to Asia and the United States.
- Commercial vehicle production dropped 68.3% to 2,756 units as restructuring in the sector continued, while overall exports of cars and commercial vehicles fell despite overseas buyers accounting for 70% of output.
- The European Union remains the UK's largest market, with exports rising 4.8% year-on-year. SMMT CEO Mike Hawes said, "Car production stabilising in March is welcome news for both assembly and the wider supply chain."
- UK manufacturers face uncertainty regarding the European Commission's 'Made in Europe' proposal, which risks curbing market access for UK-made vehicles. Hawes urged the EU and UK to ensure proposals do not exclude Britain, as integrated industries would suffer if Brexit trade provisions were undermined.
- Mounting pressure from rising energy costs linked to the Middle East conflict and competition from low-cost Chinese electric vehicle makers weigh on the sector, which relies on approximately 80 billion euros in annual EU-Britain automotive trade.
Insights by Ground AI
12 Articles
12 Articles
UK auto output falls 8% in March on weak exports, supply issues, trade body says
UK automotive production fell 8.2% in March from a year earlier, hit by a slump in commercial vehicle output, parts shortages at a major plant and weaker exports to Asia and the United States, data from a trade body showed on Thursday.
·United Kingdom
Read Full Article
Evening Standard+5 Reposted by 5 other sources
Fall in vehicle production last month
EU demand for UK-built cars, rose for a fourth consecutive month, said the SMMT.
·London, United Kingdom
Read Full Article
Coverage Details
Total News Sources12
Leaning Left2Leaning Right0Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 40%
C 60%
Factuality
To view factuality data please Upgrade to Premium
