British Car Industry Warns of Sales Downturn

January 5, 2017 Staff Corporate Business, Highlights Comments Off on British Car Industry Warns of Sales Downturn

According to the Guardian, the British car industry has warned of a sales downturn this year as the economic uncertainty that followed the Brexit vote kicks in.

British car industry body warns of sales downturn
Rows of Jaguar and Land Rover cars in Liverpool. UK manufacturers may have been harmed by a post-Brexit consumer boycott in Europe. Photograph: Phil Noble/Reuters

A fifth consecutive year of growth saw nearly 2.7m new car registrations in the UK last year, a rise of 2.2% on 2015. But the Society of Motor Manufacturers and Traders said it expected growth to reverse, with a sales decline of 5-6%, as the cost of new cars rises due to sterling’s fall. An end to cheap financing deals would also hit sales, it said.

But Mike Hawes, the SMMT’s chief executive, said the domestic market remained comparatively strong. “This is historically an incredibly high level. We’re not talking about a collapse,” he said, adding that the market had been more resilient than expected after the EU referendum. But, he said: “Clearly, we have not seen the full effects [of Brexit] yet.”

For the full story, please check out the article at the Guardian.

Staff

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