UK commercial vehicle production had best Q1 since 2008 despite weak March

The forecast is for a strong 2024

Commercial vehicle production in the UK, March 2024

Angel Sergeev

By: Angel Sergeev

Apr 29, 2024 at 5:08am ET

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In a promising sign for the UK's automotive industry, commercial vehicle output surged by 27.4 per cent in the first quarter of 2024, marking the strongest Q1 performance since 2008. This data was revealed today by the Society of Motor Manufacturers and Traders (SMMT), indicating a robust start to the year for the sector. It’s not all roses, though.

A total of 32,626 vans, trucks, taxis, buses, and coaches rolled off factory lines during this period, representing an 18.6 per cent increase compared to pre-pandemic 2019 levels. The rise in production was predominantly fuelled by a surge in overseas orders, driving demand for British-built CVs.

UK commercial vehicle production, March 2024

Exports saw a remarkable uptick of 57.9 per cent, reaching 23,060 units in the first quarter. This surge, amounting to 8,452 more vehicles compared to the same period last year, accounted for 70.7 per cent of the year-to-date output. Notably, demand for the latest zero-emission commercial vehicles manufactured in the UK played a significant role in this growth.

However, while January and February witnessed substantial growth, March saw a decline of 19.2 per cent in output, with 7,943 units produced – the first monthly fall since September 2023. Exports also experienced a downturn of 12.6 per cent compared to the previous year, with production for the domestic market decreasing by 28.8 per cent to 2,859 units. This decline reflects a normalisation of the market, compounded by temporary supply chain shortages and fewer working days due to the early Easter bank holiday.

See the numbers for January and February:

UK commercial vehicle production skyrockets by 98.4 per cent in February

UK: Commercial vehicle production had best January since 2008

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Despite the March setback, industry experts remain optimistic about the outlook for 2024. Independent forecasts suggest that light van production volumes could exceed 135,000 units this year, largely driven by the ramping up of electric vehicle output. This indicates that while challenges persist, the UK's commercial vehicle sector is poised for continued growth and innovation in the coming months.

"It’s good to see UK CV production record its best Q1 performance in some 16 years, success testament to the determination of manufacturers to deliver for this vital sector, while investing in the latest cutting edge, ultra-low and zero emission technology," Mike Hawes, SMMT Chief Executive, commented. "Global demand continues for British-built commercial vehicles, emphasising the need for favourable market conditions to sustain our production capabilities for increasingly green vehicles."

Source: SMMT

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