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UK Car Production For September Lowest In 25 Years: SMMT

UK car production for the month of September reached its lowest for 25 years as demand from foreign markets remained negative, data from the Society of Motor Manufacturers and Traders showed Thursday.

Car manufacturing output slid 5 percent on a yearly basis to 114,732 units in September, the weakest level since 1995.

Production for foreign markets decreased 9.7 percent to 87,533 units as shipments to key overseas destinations namely China, the EU and US decreased from last year.

Meanwhile, output for domestic market advanced 14.5 percent in September.

The latest independent outlook forecasts factories to make fewer than 885,000 cars this year, the first time volumes will have dipped below one million since 2009.

With countries across Europe experiencing a surge in Covid-19 cases, and with local lockdowns already in place across many parts of the UK and beyond, the final quarter of 2020 looks increasingly challenging, the lobby said.

The material has been provided by InstaForex Company – www.instaforex.com