They have priced themselves out of the market.
Laying off workers and closing plants as exports and production plunge — Jaguar Land Rover is the biggie.
Car production in the UK slumped by 18.2% in January compared to January 2018, after it had already plunged 19.6% in November and 22.4% in December, as a result of sharply declining demand in key export markets such as Europe and China.
January was the eighth consecutive month of declining car production in the UK, according to the industry group, the Society of Motor Manufacturers and Traders (SMMT). In 2018 as a whole, production fell 9.1% to 1.52 million units, a five-year low for the sector. The chart (courtesy of SMMT) depicts rolling-12-month car production totals:
Rolling-year total production hit a post-crisis peak of around 1.75 million units in mid-2016, just after the Brexit referendum. Since then, rolling year totals have fallen 12% to 1.49 million last month, down by over 250,000 units…
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