Commercial vehicle manufacturing in the United Kingdom hit the accelerator in July, posting a jaw-dropping 71.7 per cent increase in output. After months of sputtering along in neutral, the industry is back on the highway to success, with 15,252 units rolling off production lines – marking the best July performance in 16 years.
But this isn’t just a minor bump in the road; it’s a full-blown comeback tour, it seems. The figures, released by the Society of Motor Manufacturers and Traders (SMMT), reveal the numbers represent a staggering 201.8 per cent jump compared to the pre-pandemic days of July 2019, leaving those modest times in the dust.
Reports for previous months:
So, what’s fueling this surge? It turns out that a combination of easing supply chain woes and a voracious appetite from overseas markets has sent production into overdrive. Exports alone soared by 76.8 per cent, with 9,534 vehicles destined for international roads. And where did most of these shiny new rides end up? Europe, of course. The EU gobbled up 99.1 per cent of all exports, proving once again that when it comes to commercial vehicles, the continent can’t get enough of what the UK is selling.
But don’t think the domestic market was left in the slow lane. UK buyers were also in a spending mood, snapping up 5,718 units – a 63.7 per cent increase from last year. Apparently, British businesses are just as eager to get their hands on new wheels as their continental counterparts.
This sudden burst of productivity isn’t just a blip on the radar, either. It’s the first time the sector has shown significant growth since February, shaking off a sluggish first half of the year that saw production dip by 2.9 per cent. The industry had been dealing with some tricky obstacles, including temporary supply chain snarls that put the brakes on progress. June was particularly rough, with output slipping by 2.0 per cent.
UK commercial vehicle production, July 2024
However, July’s numbers have more than made up for lost time, boosting the year-to-date output by 7.3 per cent. In total, 72,761 commercial vehicles have been produced in 2024 so far, a solid gain of 4,971 units compared to the same period last year. And when you look back at the pre-pandemic era, the industry’s progress is even more impressive, with an 81.31 per cent increase over 2019.
"An end to recent supply chain disruption signals a return to growth for the UK’s commercial vehicle sector, and significant growth at that. Sustaining strong global demand for British-built vans, trucks and buses, which are increasingly zero-emission, now depends on maintaining favourable trading conditions, creating healthy markets at home and boosting UK competitiveness on the global stage," Mike Hawes, SMMT Chief Executive, commented.
Source: SMMT