Record-Breaking Growth
The UK motor industry received a significant boost last year as the number of vehicles built in the country surpassed one million for the first time since 2019. According to the Society of Motor Manufacturers and Traders (SMMT), car production in the UK increased by 16.8% in 2023, marking its best growth rate in 13 years. A total of 1,025,474 cars and commercial vehicles were built, with a retail value exceeding £50 billion.
Exports Dominate
Out of the total number of vehicles built, 905,117 cars were made, with the majority being manufactured for overseas buyers. Only 191,247 vehicles were built for the UK market. The top five British-built models for export were the Nissan Qashqai, Mini, Toyota Corolla, Nissan Juke, and Range Rover.
Commercial Vehicle Production
UK commercial vehicle production also saw a significant increase, rising by 18.5% with 120,357 vans, trucks, taxis, buses, and coaches leaving factory lines.
Positive Outlook
SMMT chief Mike Hawes expressed optimism about the future of the UK motor industry, stating that supply chain challenges and new model introductions, along with significant investment, have put UK vehicle production back on track. However, he also emphasized the importance of staying competitive in the global market.
Tough Market Conditions
Despite the positive news for the UK motor industry, some companies have faced challenges. Retailer Halfords reported a decline in motoring equipment sales in December, with consumers cutting back on spending for their cars. Dr Martens also experienced a slump in US sales, leading to a decline in global revenue.
Looking Ahead
Overall, the UK car production industry has made a remarkable recovery, surpassing the one million mark for the first time in years. With continued investment and efforts to stay competitive in the global market, the future looks promising for the UK motor industry.
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