...and on day 1
Car manufacturers predict a drop in production
That's just car manufacturing. Hold on to your hats.
Car manufacturers predict a drop in production
On the eve of the U.K. leaving the EU, British automakers warned a free-trade agreement with the bloc is needed to rekindle investment and stem tumbling production. Output already dropped more than 14% last year to 1.3 million cars, the lowest in a decade, the Society of Motor Manufacturers and Traders said. It’s expected to drop another 2.3% to 1.27 million units in 2020.
The future of carmaking in the U.K. is at risk of unraveling if tariffs are imposed and supply chains are impacted by Brexit, the SMMT said. About 55% of all cars made in Britain are exported to the EU, and they’re loaded with parts that often have traversed the border multiple times during the manufacturing process.
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