According to the Society of Motor Manufacturers and Traders (SMMT), vehicle production in the UK slumped by nearly half last month.

If you really require a breakdown of that dramatic reversal in fortunes compared with the halcyon days of December 2007, here it is.

The number of cars made in December fell year-on-year by 47.5 per cent, while commercial vehicle production plummeted 56.7 per cent.

The huge falls left car production for the whole of 2008 down 5.7 per cent on 2007, with lorries and van falling 5.9 per cent.

With the economy mired in a recession that some predict could last well into next year, the year-on-year figures through 2009 are likely to be dire, even catastrophic.

It’s clear that huge swathes of the industry now face a battle for survival.

In an effort to avoid stockpiling and to reduce their capital outlay, many manufacturers have been forced to halt producti

On the frontline, car dealers are having to take similarly drastic action as the showrooms remain devoid of punters.

Of course, if you have the dosh there’s never been a better time to buy some new wheels.

Discounting is rife, even on marques such as Mercedes and Mini where sales folk would previously have choked at the very mention of the D word.

Trouble is, there ain’t many buyers out there. And those that are in the market for a motor appear to be making a beeline for the nearest second-hand car lot.

Today’s comments from SMMT chief executive Paul Everitt will provide cold comfort.

UK car plants are "globally competitive with high productivity levels and hugely attractive model line-ups".

Which is probably true, particularly in the case of the hi-tech facilities run by Japanese giants such as Nissan and Honda.

And when it comes to attractive models, they don’t come much more alluring than Jaguar’s new XF saloon.

Everitt also stresses the importance of overseas sales to UK-based carmakers.

Exports account for three-quarters of all UK vehicle production, serving more than 100 markets around the world.

Unfortunately, the majority of those markets are stuck just as firmly in reverse as our own embattled economy.

The severity of the crisis battering the industry globally was evident in results today from South Korea’s biggest carmaker, Hyundai, also owner of the Kia brand, which posted a sharp fall in profits.

Two things now seem inevitable.

Firstly, there will be further industry consolidation. Just days after Italian giant Fiat unveiled an alliance with struggling US carmaker Chrysler, there were reports this morning of a possible tie-up between Fiat and PSA Peugeot Citroen.

Secondly, government financial assistance along the lines of the bailout deal recently announced in the US seems certain.

That may help keep struggling carmakers afloat, and prevent the demise of some famous marques, though the real challenge remains: getting cash-strapped consumers back into the showrooms.

Subsidised long-term finance deals, trade-in incentives and a dramatic cut in VAT on new cars could be round the corner.