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UK car market revs forward in April, but is a misfire on the horizon?

UK car market revs forward in April

Justin Benson, Head of Automotive at KPMG comments on the SMMT’s car manufacturing figures for April, released today, which showed a 5.2% rise on the same month last year.

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Justin Benson, Head of Automotive at KPMG comments on the SMMT’s car manufacturing figures for April, released today, which showed a 5.2% rise on the same month last year.

He said:

“Car manufacturers will appreciate the good news that April’s numbers bring, albeit from a lower base in April 2017. However whilst the numbers, year to date, are 4% down on last year, 2017 was a record year.

“Looking ahead, focusing on overseas markets is key to the future vitality of the UK automotive sector. With 81% of UK cars produced for export, the UK punches above its weight in the global automotive market. But we mustn’t sleep walk into a crisis. With around 50% of those exports going to Europe, UK car manufacturers are desperate for rapid progress in the Brexit talks. For our exports and opportunities overseas to continue to thrive, the automotive sector needs certainty, as well as time to adapt. Trading with the EU will be different after March 2019 despite the ‘transition agreement’ so it’s critical that we see the new EU trading arrangements agreed this year.”

 

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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

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