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The latest Society of Motor Manufacturers and Traders (SMMT) figures announced today, show that car production increased by 20.7% in December 2023, as 61,768 units were produced compared to 51,168 units in the same period the previous year! Lisa Watson, our Director of Sales, has commented: “Another promising year-on-year growth in production figures, coupled with increased investment in the manufacturing sector presents a positive outlook for 2024. “Long term funding will be key to ensuring the UK keeps up with battery production demand to enable an uptake in electric vehicles (EVs), which will be crucial to meeting the revised 2035 ban on new petrol and diesel vehicles. As well as investing in manufacturing, the government will need to ramp up infrastructure investment to ensure the UK is ready for the shift to EVs. At present, our research shows that 72% of dealers who do not expect the ban to go ahead, believe so because they feel that there isn’t enough time to improve the infrastructure to sufficiently cater for widespread EV adoption.” For the full article, visit: https://lnkd.in/eEsW2aZu #SMMT #manufacturing

According to today’s Society of Motor Manufacturers and Traders (SMMT) figures, new car sales increased by 10.4% in March year-on-year, and 10.4% year-to-date. Our Director of Sales, Lisa Watson, has commented: “The launch of the 2024 number plate in March contributed to another month of increased registrations, which will continue to provide optimism to dealers and manufacturers. “However, whilst consumer demand is returning, electric vehicle (EV) statistics remain skewed by fleet registrations. The government’s zero emission vehicle mandate, requiring 22% of all new cars manufactured to be electric, will cause headaches for manufacturers as buyers remain reluctant to make the shift to EV - with only 12% planning on buying an EV this year according to Close Brothers Motor Finance’s research. The UK needs to work quickly to improve infrastructure such as charging points, which remain inadequate, in order to encourage widespread adoption. “The delay of the 2030 ban on new petrol and diesel vehicles should help to reduce motorists’ concerns. Our recent research found that 30% of drivers feel that the delay will allow for more time to improve infrastructure. For the time being, it’s important that dealers maximise the tools and insights at their disposal to keep on top of consumer demand in order to stock forecourts appropriately.” The full article can be found here: https://lnkd.in/d6yxFgm #SMMT #newcarsales

The latest Society of Motor Manufacturers and Traders (SMMT) figures announced today show that new car sales increased by 2.5% in July year-on-year, and 5.5% year-to-date. Lisa Watson, our Director of Sales, has commented: “Though another rise in new registrations is positive, concerns still remain surrounding consumer demand. Fleet statistics continue to have a significant impact on the registrations data, especially for electric vehicles (EVs). “The high upfront cost of EVs and the lack of affordable options continues to act as a barrier for motorists contemplating the switch from petrol and diesel cars, and further investment is required to bring the charging infrastructure up to scratch. However, our research amongst EV drivers found that the overwhelming majority (92%) of those who have made the switch to EV are happy with their car and would purchase another one. And 61% have saved money on running costs. “Manufacturers and motorists will now be looking to the new government to provide new and updated incentives to encourage more people to make the change, which will be key to ensuring the Zero Emission Vehicle (ZEV) mandate is achievable.” You can read the full release here: https://lnkd.in/d6yxFgm #SMMT #newcarsales

British car and commercial vehicle manufacturing both continued their positive starts to 2024 with output growth up again in February, according to new figures from the Society of Motor Manufacturers and Traders (SMMT). UK car production rose again in February, up 14.6% to 79,907 units, which is the sixth consecutive month of growth and best February performance since 2021, with nearly all volume manufacturers posting uplifts, driven by output for the domestic market, which grew 58.0% to 20,658 units, an increase of 7,585. #UKCarProduction #SMMT #ManufacturingGrowth

According to today’s Society of Motor Manufacturers and Traders (SMMT) figures, car production increased by 14.6% in February this year, with 69,707 units being produced compared to 79,907 units in the same period last year. Lisa Watson, our Director of Sales, has commented: “Car manufacturing continues to rebound as the year progresses, putting an end to any notion that this was a fleeting recovery. “With the government putting greater emphasis on electric vehicle (EV) sales, and with manufacturing on an upward curve, it’s more important than ever for investment to be directed towards improving the infrastructure required for widespread EV ownership, such as increasing the number of charging points. “Increased manufacturing output should also lead to more ‘newer’ stock entering the second hand market, which in turn will make prices more competitive in the near term and will be key to encouraging widespread EV adoption. You can read the full article here https://lnkd.in/eEsW2aZu #SMMT #Manufacturing

MDST Chart of the Week: The decarbonisation challenge for freight vehicle manufacturers, logistics providers, electricity suppliers and the UK government is clear as the Zero Emission Mandate comes into force. While 6.2% of LGVs registered in the UK in Q3 2023 were zero emission, this has to increase to 70% by 2030 and 100% by 2035. 4.8% of HGV registrations were zero emission in Q3 2023, with a target of 100% by 2040. #freight #transport #decarbonisation #zeroemission #HGV #LGV

SMMT reports first decline in UK car production since August. UK car production declined in March, down -27.1% year on year to 59,467 units, according to the Society of Motor Manufacturers and Traders (SMMT). While this marks the first fall since August last year, it aligns with expectations for a variable year as manufacturers adjust factories to produce new cars, notably electric. UK car and light van production are expected to fall -6.2% to some 940,000 units this year, returning to growth in 2025. https://buff.ly/3xTBDOf

Did you know that the average cost of vehicle has been lower than the per capita income. Therefore, there was better affordability in the last decade and future premiumisation potential. To find out more such interesting trivia on Automotive Sector, click here: https://bit.ly/4dUb9N0 To know more and invest now: https://bit.ly/3WKc0tx #SBIMF #SBIAutomotiveOpportunitiesFund

📉 Car Production Slowdown Continues 📉 UK car production dropped by -14.4% in July, according to SMMT. This decline is mainly because factories are getting ready for new models and facing temporary supply chain hiccups. Despite these challenges, the industry's output remains valued at over £20 billion for the first seven months of 2024. While export volumes fell by -16.3%, domestic demand showed resilience, declining by just 672 units. Interestingly, electrified vehicles held their ground, making up 37.5% of the output compared to 39.5% last year. The need for investment in skills and green energy is becoming more crucial, as UK automotive continues to focus on zero emission vehicle production. What are your thoughts on the future of UK car production? 🔹 #AutomotiveIndustry 🔹 #UKManufacturing 🔹 #ElectricVehicles For more insights, visit www.cb-recruitment.co.uk

Today's Society of Motor Manufacturers and Traders (SMMT) figures show a 21% rise in car production in January, as 82,997 units were produced compared to 68,575 units in the same period last year. Lisa Watson, our Director of Sales, has commented: “Whilst another increase in UK car manufacturing will provide further optimism for the year ahead, the Government's zero emission vehicle (ZEV) mandate, which requires 22% of new cars manufactured this year to be electric, may cause headaches for manufacturers. “The Government’s £2bn pledge to the UK automotive manufacturing industry at the back end of 2023 was a step in the right direction to ensure the UK keeps up with battery production demands. However, manufacturers will be keeping a close eye on the Chancellor’s Spring Statement next week as more needs to be done to accelerate infrastructure development, such as installing charging points, if the UK is able to support widespread adoption to electric vehicles (EVs). “This is currently acting as a barrier to EV adoption for consumers, who are still hesitant about making the switch. Whilst 28% of those looking to purchase a car this year plan to buy a hybrid, according to our recent research, only 12% plan on buying an EV - down from 14% last year.” For the full article, visit: https://lnkd.in/eJKRphXv #SMMT #manufacturing