The global car markets had been underserviced by stock for some time with COVID and supply issues so pent up demand meant that production was strong. That seems to have been sated and volume is slipping. Prices hav also been climbing as demand exceeded supply. Are prices now going to soften to keep factories busy?
Passenger car production in the UK fell 27% in March but thanks to a good first two months numbers were still up 1%. One could expect that 2024 will not be the equal of the year before.
Commercial vehicle volume was -19% in March but still up 27.4% YTD. Production for the home market has taken a battering, -28% in March and -13% YTD. Exports were -13% In March but up an impressive 58% YTD.
Put it all together and it mirrors the passenger car data due to the overwhelmingly greater volume that is involved. The numbers aren't flash but considering the apathy within the UK for its motor vehicle industry hardly surprising.
With two manufacturers providing sales figures each month, they are listed here. Nissan accounted for 32% of the total and Toyota 13%. I appreciate their openness.
Data source: SMMT, manufacturers.
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