British car production fell last year for the first time since 2009 and investment slumped by a third
- Production was down 3 percent at 1.67 million vehicles, mainly due to a 10 percent reduction in domestic demand, which was also impacted by a lack of government clarity over diesel levies, the Society of Motor Manufacturers and Traders (SMMT) said
- Investment fell a third to 1.1 billion pounds ($1.55 billion) and the SMMT said some companies were waiting to see what sort of transitional deal Britain negotiates with the European Union.
- "A drop of that magnitude is of concern and it bears out what we know anecdotally which is that people are waiting as long as they can for increased certainty to make those investments," said SMMT Chief Executive Mike Hawes. Hawes said output would remain "broadly the same" in 2018 as model changes continue and a long-cherished goal of beating an all-time high production of 1.92 million cars achieved in 1972 by 2020 was "hard to foresee us reaching."
Join the conversation in our new Telegram group