UK car production faces steep decline in March

The Q1 results are up marginally, though.

UK car production drops in March 2024

Angel Sergeev

By: Angel Sergeev

Apr 26, 2024 at 5:06am ET

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In a stark downturn, UK car production witnessed a significant drop of 27.1 per cent year-on-year, amounting to 59,467 units in March, as revealed by the latest data released today by the Society of Motor Manufacturers and Traders (SMMT). This marks the first decline since August of the previous year, aligning with projections for a fluctuating year as manufacturers reconfigure their facilities to cater to the production of the next generation of vehicles, particularly electric ones, consequently reducing the output of existing models. The occurrence of the Easter bank holiday earlier in 2024 also contributed to this decline, with fewer working days compared to the preceding year.

“This fall is not unexpected given the wholesale changes taking place within UK car factories as existing models are run out and more plants transition to electric vehicle production. We can expect further volatility throughout 2024 as manufacturers lay the foundations for a successful zero-emission future. Recent investment announcements have boosted confidence and enhanced the UK’s reputation but there needs to be an unrelenting commitment to competitiveness,” Mike Hawes, SMMT Chief Executive, commented.

UK car production, March 2024

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Domestic production experienced a marginal dip, falling by just 0.3 per cent to 19,995 units, whereas exports plummeted by 35.9 per cent to 39,472 units. Nevertheless, the majority of cars produced in March, exceeding six out of ten, were destined for international markets. Continuing a consistent trend, the European Union received the lion's share of exports at 57.9 per cent, trailed by the US at 11.4 per cent, China at 5.9 per cent, Australia at 4.0 per cent, and Japan at 1.8 per cent. Shipments to these top export markets, excluding the US, witnessed a decline.

UK car production in January and February:

UK car production sees best January since 2021

UK car production continues to grow in February 2024

Despite the downturn in March, UK car production displayed a modest increase of 1.1 per cent in the first quarter compared to last year, amounting to 222,371 units. This growth was underpinned by a substantial 33.9 per cent surge in domestic output, offsetting a 7.4 per cent decline in exports. Notably, the majority, accounting for 72.7 per cent, of all vehicles manufactured in Britain during the first quarter were destined for overseas markets.

Source: SMMT

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