UK commercial vehicle production stable in October – SMMT

(Source: SMMT)

The Society of Motor Manufacturers and Traders (SMMT) reports that UK commercial vehicle (CV) production was down -0.2 per cent in October, with 9,065 units manufactured. Output destined for some crucial overseas markets was up 9.3 per cent, though production for the domestic market fell -8.5 per cent with demand weakening.

Factories turned out just 15 units fewer than in the same period in 2018, as key new model production ramped up, with just over half of all those made heading abroad, 51.3 per cent. Performance in the year to date is down, however, falling by -11.5 per cent overall. The decline has been driven primarily by dwindling exports, down -16.6 per cent, but also a fall in production for the UK market by a more modest -3.6 per cent. Just over 62,000 new CVs have been made in Britain this year.

Mike Hawes, SMMT chief executive, said: “Some stability for commercial vehicle production in October is welcome, but it’s far too early to tell if this will last, not least due to a fluctuating fleet buying cycles and model changeovers affecting output. Year-to-date figures paint a clearer picture; with CV output decreasing, and orders at home and abroad down. Preserving beneficial trading arrangements with the EU and other global markets is crucial to the future success of the industry so we need a new relationship based on free and frictionless trade.”

Comments
Comments closed