UK car manufacturers under severe pressure
It has been revealed that year-on-year car numbers produced in December 2008 were 47.5% lower than the same period last year. While part of the substantial fall can be explained by the "holiday" taken by some car manufacturers in the UK, there is no avoiding the fact that there is currently no market for new cars in the UK and many other parts of the world. The overall fall for 2008 was a more palatable 5.7% but this is still a substantial reduction in an industry where margins are also under pressure.
There is serious concern that the UK government is currently dragging its feet with regards to a rescue package for the industry even know their US counterparts have come forward to save some of the best names in the car industry. Lord Mandelson in particular has been very vocal in his support of late but as ever the devil is in the detail and no official announcement has been released regarding any additional funding. So what next?
Many analysts expect car manufacturers throughout the UK to extend their "holiday" period which will place more jobs at risk and have a substantial knock-on effect to many local economies. Even if the government was to step forward with a rescue package today many believe that it is too late and the damage has already been done.
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