ISTANBUL, Jun 27 : The UK\u2019s car production plunged for the fifth consecutive month to the lowest level since 1949 in May due to the impact of the US tariffs, according to data by the Society of Motor Manufacturers and Traders (SMMT) on Friday.<\/p>\n
The new car and commercial vehicle production volumes fell by 32.8% year-on-year to 49,810 units in May.<\/p>\n
\u201cExcluding 2020, when Covid lockdowns saw factories shuttered or running at greatly reduced capacity, it was the lowest performance for the month since 1949,\u201d a statement from the SMMT said.<\/p>\n
The decline was due to ongoing model changeovers, restructuring, and the impact of US tariffs.<\/p>\n
Last month, shipments to the US and the EU, the UK\u2019s two biggest markets, decreased 55.4% and 22.5% year-on-year, respectively.<\/p>\n
\u201cConfirmed trade deals with crucial markets, especially the US and a more positive relationship with the EU, as well as government strategies on industry and trade that recognize the critical role the sector plays in driving economic growth, should help recovery,\u201d said SMMT CEO Mike Hawes.<\/p>\n
\u201cWith rapid implementation, particularly on the energy costs constraining our competitiveness, the UK can deliver the jobs, growth and decarbonization that is desperately needed,\u201d he added.<\/p>\n
In April, US President Donald Trump imposed a 25% tariff on all US imports of cars and car parts.<\/p>\n
However, Trump signed an executive order in May lowering the duty that US-based companies pay on British autos to 10% for the first 100,000 cars imported annually.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISTANBUL, Jun 27 : The UK\u2019s car production plunged for the fifth consecutive month to the lowest level since 1949 in May due to the impact of the US tariffs, according to data by the Society of Motor Manufacturers and Traders (SMMT) on Friday. The […]<\/p>\n
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