A gloomy report from the Society of Motor Manufacturers and Traders (SMMT) last week painted a very bleak picture of the latest crisis engulfing the automotive industry.
Hot on the heels of Covid and the semiconductor shortage comes the energy cost crisis, which is now directly impacting the investment decisions of SMMT members. Some 41% of members surveyed said they had delayed or cancelled planned investments and around 10% were already cutting shifts or even jobs.
Automotive vehicle and component manufacturers have already seen their collective bills rise by more than £100 million to surpass £300m in the past year.
