February: YoY CV production markedly higher but still below 2019

UK commercial vehicle production grew 92.2 per cent in the second month of 2022, with 8,278 vans, trucks, taxis, buses and coaches rolling out of British factories. However, the Society of Motor Manufacturers and Traders (SMMT) notes that this result compares with the worst February on record last year, when supply chain shortages, new customs processes and prolonged lockdown measures posed significant challenges to production. Production in February 2022 was still 10.3 per cent lower than the 9,233 units built in pre-pandemic 2019.

Last month’s growth saw a significant rise in output for customers both in the UK and overseas, with 96.9 per cent and 87.9 per cent increases respectively. Of the 8,278 CVs built in the UK last month, 51.4 per cent were shipped abroad, with 93.8 per cent of these destined for the EU. February builds on 22.2 per cent growth in January, with British CV manufacturing up 52.5 per cent in the year to date, at 15,138 units, although this is 17.8 per cent down on the same period in 2019.

“After a challenging couple of years for UK commercial vehicle manufacturing output, it’s encouraging to see recovery as operators in key markets around the world get back to business,” comments Mike Hawes, SMMT chief executive. “Demand for British-built working vehicles remains strong, and recovery will be aided by new models and technologies. However, external pressures, including ongoing chip shortages, now exacerbated by a global squeeze on other key components and raw materials, alongside rising inflation and cost of production, will make getting back to pre-pandemic levels that much tougher. To secure long-term competitiveness and growth for this critical sector, we need government to take urgent action to mitigate crippling energy costs and encourage investment.”