Data Watch Q1 2021
During April 2020 new car registrations in the UK fell to an unprecedented low of 4,200 as the UK completed its first month in lockdown, representing a 97% decline relative to April 2019.
Whilst the automotive market showed signs of recovery during Q3 2020 when the UK economy reopened (flat on Q3 2019), registrations sharply declined once again in November as the UK re-entered lockdown.
The automotive sector in the UK faces a number of nearterm challenges as it looks to recover from a challenging year. Frictions and costs from post-Brexit trade agreements, increased pressure on “green investment” and changing consumer demands are some of the key challenges that automotive businesses will be navigating during 2021 as the wider economy begins to recover.
Trustees should maintain a close dialogue with their sponsors as they navigate these challenges.
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