2020.02.2707:26:00UTC+00UK Car Production Declines For Fifth Month: SMMT

UK car production declined for the fifth consecutive month in January as an increase in output for exports failed to offset the sharp decrease in domestic demand, the Society of Motor Manufacturers and Traders, or SMMT, said Thursday.

Car production fell 2.1 percent in January from the last year. Production has now fallen in 19 of the last 20 months.

Due to demand for the latest models coming to market from certain brands, overseas orders grew 4.1 percent to around 97,870 units. Meanwhile, production for the domestic market plunged 23.9 percent, reflecting weak confidence.

"Exports are the bedrock for UK car manufacturing so a rise in January exports is welcome following recent declining demand in overseas markets," Mike Hawes, SMMT chief executive, said.

These figures, however, still give great cause for concern, with another month of falling car production driven by a lack of confidence and corresponding weak demand in the UK, Hawes added.