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UK industrial car (CV) manufacturing grew by 26.9% within the first month of 2024, with 11,756 vans, vehicles, taxis, buses and coaches leaving manufacturing facility traces, based on figures revealed right this moment by the Society of Motor Producers and Merchants (SMMT)
UK industrial car (CV) manufacturing grew by 26.9% within the first month of 2024, with 11,756 vans, vehicles, taxis, buses and coaches leaving manufacturing facility traces, based on figures revealed right this moment by the Society of Motor Producers and Merchants (SMMT). The robust efficiency noticed January output attain its highest degree in 16 years, some 28.0% above pre-pandemic 2019 ranges, reflecting the sector’s well being because it builds on 2023’s optimistic efficiency.1
Output was pushed by exports, with world demand for British-built CVs up 49.8% to 7,965 models. Almost seven in 10 (67.8%) CVs had been produced for worldwide markets, with the EU remaining the UK’s greatest abroad buyer – chargeable for 97.4% of exports.2 Volumes for the UK market, nevertheless, recorded a slight decline, falling by -4.0% to three,791 models ¬– a discount equal to only 156 models.
General manufacturing progress is anticipated to proceed all year long, with gentle industrial car volumes set to rise to 173,500 models and maintain regular forward because the sector advantages from new mannequin exercise and main investments into zero emission car manufacturing.3
Mike Hawes, SMMT Chief Government, stated,
A optimistic begin to the 12 months units the stage for a promising 2024, with the sector delivering one of the best lead to 16 years and just lately introduced inexperienced funding including to the optimism. Ongoing financial and geopolitical headwinds, nevertheless, imply we should improve the UK’s provide as a aggressive manufacturing vacation spot. The upcoming Funds presents a chance for the federal government to implement measures to do exactly that – supporting reasonably priced power, stimulating infrastructure funding and boosting market demand.
1 CV manufacturing, January 2008: 20,840 models; CV manufacturing, January 2019: 9,182 models
2 January export figures for Europe: 7,760 models
3 Primarily based on AutoAnalysis unbiased outlook, November 2023
SOURCE: SMMT
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