UK vehicle production in August declined by 18.6% year-on-year to 92,214 units according to data released by the UK’s auto industry trade association, the SMMT.
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The scale of the August production decline – felt in exports as well as production for the UK market – will likely intensify calls for a lowering of interest rates in the UK.
Car production was 17.3% down year-on-year in August at 82,858 units, with car production in the first eight months at 1,038,528 units, 4.5% ahead of last year’s pace.
The SMMT tried to put a brave face on the figures.
“Volatility in the global economy is adversely affecting demand for new vehicles around the world. The latest production figures reflect these challenging market conditions, but also the continued strength of UK vehicle production,” said Paul Everitt, SMMT chief executive.
“UK-produced vehicles are exported to more than 100 separate markets around the globe. This spread of demand provides greater resilience and we expect total production to be similar to the 1.75 million produced in 2007.”
