Car production down as manufacturers invest in electric future
UK car production fell -7.6% in the first six months of the year, according to new figures published today by the Society of Motor Manufacturers and Traders (SMMT). Factories turned out 416,074 units, 34,094 fewer than in the same period in 2023, following a -26.6% decline in June caused by multiple model changes. The performance was expected as manufacturers retool lines to make electrified models following some £23.7 billion of UK investment announced last year.1
Amid this transition, first half year electrified vehicle (battery electric, plug-in hybrid and hybrid) production was down -7.6%, in line with overall volumes, to 157,224 units. This represents more than a third (37.8%) of all output, unchanged from last year.2 In the same period, overall car output for the UK market was up 17.7% to 106,157 units, but this was not enough to offset a -13.9% decline in production for export, with more than seven-in-10 cars made destined for customers overseas.
Given the importance of exports to UK car production, the role of free and fair global trade cannot be overstated, especially with the EU, which remains by far the most important market for UK car makers, taking 55.4% of all exports in the first six months, equivalent to 171,745 units. The US, China, Turkey and Australia made up the rest of the top five export locations, accounting for a combined 29.4% of all overseas orders. Japan, Canada, South Korea, UAE and Switzerland completed the top 10.
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