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UK business automobile (CV) manufacturing grew by 26.9% within the first month of 2024, with 11,756 vans, vans, taxis, buses and coaches leaving manufacturing facility traces, in accordance with figures printed in the present day by the Society of Motor Producers and Merchants (SMMT)
UK business automobile (CV) manufacturing grew by 26.9% within the first month of 2024, with 11,756 vans, vans, taxis, buses and coaches leaving manufacturing facility traces, in accordance with figures printed in the present day by the Society of Motor Producers and Merchants (SMMT). The sturdy efficiency noticed January output attain its highest stage 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. 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 items ¬– a discount equal to simply 156 items.
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Total manufacturing development is anticipated to proceed all year long, with mild business 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 Government, mentioned,
A constructive begin to the 12 months units the stage for a promising 2024, with the sector delivering the very best end in 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 Price range presents a possibility for the federal government to implement measures to just do that – supporting reasonably priced vitality, 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 Primarily based on AutoAnalysis unbiased outlook, November 2023
SOURCE: SMMT
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