UK automakers report drop in investment, production

By DANICA KIRKA
an hour ago

LONDON (AP) — British auto production dropped for a third straight year in 2019, as carmakers continued to hold off on investment amid uncertainty over the country’s departure from the European Union.

The anemic figures announced Thursday by the Society of Motor Manufacturers and Traders will increase the pressure on Prime Minister Boris Johnson to work out a favorable trade deal with the EU because the industry directly employs 168,000 people and contributes 6 billion pounds ($7.8 billion) a year to the economy. There are fears things will only get worse if carmakers, who rely on just-in-time supply chains, lose the ability to participate on an equal footing in the European single market.

After more than three years of protracted negotiations about how to leave the EU following the June 2016 referendum, Britain is finally set to do so on Friday. Though it won’t be an EU member after, it enters a so-called transition period that will allow current trading rules to remain in effect until the end of the year. Auto executives are pushing for a free-trade deal as soon as possible to prevent them from closing plants and moving elsewhere.

Figures released Thursday show total production fell 14.2% last year to 1.3 million vehicles, the lowest since 2010. Production for export markets declined 14.7% to 1.06 million vehicles — the majority of which went to the EU.

https://apnews.com/e802cb493845200d3028c4f408442f4d

I can't wait to see what the aviation manufacturing sector does.........................a lot of them are leaving................