(1888PressRelease)
November 10, 2008 - London, Car sales plunged 23 percent on a year-on-year basis. About 1.92 million new cars have been sold so far this year, down 8.7% from the same period in 2007. The SMMT slashed its full-year sales forecast to 2.15 million vehicles from 2.26 million. Figures from the Britain's Office for National Statistics revealed on Wednesday that weakness in the auto sector had an adverse effect on British manufacturing output in September.
The clamour for a deal similar to that the carmakers in the US managed to secure from the government has begun. “There is a clear role for European action to support continued investment in new, lower carbon vehicle technologies," said Paul Everitt, SMMT chief executive. The Bush administration cleared the way for beleaguered US automakers to access up to $25 billion in low interest loans.
"October has proved another difficult month for the UK motor industry. Cuts in interest rates that are swiftly passed on to consumers, scrapping planned increases in vehicle excise duty and maintaining public expenditure on new vehicles are essential parts of the package required by industry,” he added.
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