CV production hits highest level in 16 years
UK commercial vehicle (CV) production grew by 26.9% in the first month of the year to 11,756 units, according to the Society of Motor Manufacturers and Traders (SMMT).
This marked the strongest January in 16 years, and 28% above the pre-pandemic levels recorded in 2019.
Looking ahead, the SMMT expects CV manufacturing to continue growing throughout the year to about 173,500 units.
Mike Hawes, SMMT chief executive, said: “A positive start to the year sets the stage for a promising 2024, with the sector delivering the best result in 16 years and recently announced green investment adding to the optimism. Ongoing economic and geopolitical headwinds, however, mean we must enhance the UK’s offer as a competitive manufacturing destination. The upcoming Budget presents an opportunity for the government to implement measures to do just that – supporting affordable energy, stimulating infrastructure investment and boosting market demand.”
