CV growth set to continue into 2024
- Posted by: Alan Feldberg
- Category: News
UK commercial vehicle (CV) manufacturing grew 16% in the first six months of the year as 58,675 units rolled off factory lines, with June marking the third consecutive month of growth.
According to the latest figures released by the Society of Motor Manufacturers and Traders (SMMT), 11,748 units were produced in June, up 23%, and it also marks the best first half year for UK van production since 2011.
First half year production was 67% up on pre-pandemic 2019 volumes, with growth driven by overseas demand, which represented 64.4% of all CVs made since January.
This growth is set to continue throughout the rest of the year on the back of new model activity and the expected opening of a new electric van production facility in the North West.
The latest independent outlook therefore forecasts light CV production to grow 44% to around 114,500 units this year, then rising again in 2024 to nearly 150,000 units.
Mike Hawes, SMMT chief executive, said: “Commercial vehicle output has continued to buck the challenging economic conditions, reaching record levels. This is good news for the sector, for jobs and for the wider economy. With growth set to continue, and some positive investment announcements into UK auto recently, there is increased positivity within the industry. We must now build on this recovery, ensuring we stay competitive and attract more global investment to scale up our EV supply chain and position the UK as a world-class destination for vehicle manufacturing.”