UK industrial automobile (CV) manufacturing grew by 26.9% within the first month of 2024, with 11,756 vans, vehicles, taxis, buses and coaches leaving manufacturing unit strains, in line with figures printed as we speak by the Society of Motor Producers and Merchants (SMMT)
UK industrial automobile (CV) manufacturing grew by 26.9% within the first month of 2024, with 11,756 vans, vehicles, taxis, buses and coaches leaving manufacturing unit strains, in line with figures printed as we speak 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 constructive efficiency.1
Output was pushed by exports, with international demand for British-built CVs up 49.8% to 7,965 items. Practically seven in 10 (67.8%) CVs had been produced for worldwide markets, with the EU remaining the UK’s largest abroad buyer – chargeable for 97.4% of exports.2 Volumes for the UK market, nonetheless, recorded a slight decline, falling by -4.0% to three,791 items ¬– a discount equal to only 156 items.
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General manufacturing progress is anticipated to proceed all year long, with mild industrial automobile volumes set to rise to 173,500 items and maintain regular forward because the sector advantages from new mannequin exercise and main investments into zero emission automobile manufacturing.3
Mike Hawes, SMMT Chief Govt, mentioned,
A constructive begin to the yr units the stage for a promising 2024, with the sector delivering the perfect lead to 16 years and just lately introduced inexperienced funding including to the optimism. Ongoing financial and geopolitical headwinds, nonetheless, imply we should improve the UK’s provide as a aggressive manufacturing vacation spot. The upcoming Price range presents a possibility for the federal government to implement measures to just do that – supporting inexpensive power, stimulating infrastructure funding and boosting market demand.
1 CV manufacturing, January 2008: 20,840 items; CV manufacturing, January 2019: 9,182 items
2 January export figures for Europe: 7,760 items
3 Based mostly on AutoAnalysis impartial outlook, November 2023
SOURCE: SMMT
