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Car Output in U.K. Hits 17-Year High
The U.K.’s 15 carmakers produced 1.72 million vehicles in 2016, up 9%, the Society of Motor Manufacturers and Traders reports.
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The U.K.’s 15 carmakers produced 1.72 million vehicles in 2016, up 9%, the Society of Motor Manufacturers and Traders reports. It was the industry's greatest output since 1999.
But SMMT says investment in the British auto industry plunged 33% to €1.7 billion ($2.2 billion) last year. The group blames uncertainty about the impact of the country’s vote to exit the European Union. Such investment decisions are made about three years ahead of implementation.
The U.K. exports about 80% of its output, with half the total going to Europe. If the country fails to secure new free-trade arrangements to replace those it currently enjoys as an EU member, it could face 10% taxes on exported vehicles.
SMMT CEO Mike Hawes tells reporters it would be “very hard” to overcome the additional cost of tariffs, thus making the U.K.’s assembly plants less competitive than facilities in the EU.
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