Society of Motor Manufacturers and Traders (SMMT): Weak exports lead to sharp decline in UK car production in February.

Data from the Society of Motor Manufacturers and Traders in the UK shows that car production in February saw a significant decline, highlighting the increasing pressure faced by the industry, although the Iran conflict has not yet cast a deeper shadow over the prospects of the UK manufacturing sector. The association's data shows that UK car production fell by 17.2% year-on-year to 68,061 vehicles. Car exports also showed weakness, with passenger car exports decreasing by 11.5% to 53,140 vehicles, and commercial vehicle exports plummeting by 65.1% to 1,306 vehicles. Mike Hawes, Chief Executive of the Society of Motor Manufacturers and Traders, said that the decline in production and exports is "extremely concerning" and added that new global tensions could bring further pressure to the supply chain. The association also pointed out that the European Commission's "Industrial Strategy Acceleration Act" "discriminates against UK-manufactured cars and components, harming a trade relationship worth nearly 70 billion annually."