Automotive News – Early August 2024
Estimated reading time 2 minutes
Two straight years of growth for new car market.
- UK new car market rises 2.5% in July to deliver 24 consecutive months of growth.
- Battery electric vehicle uptake outpaces overall market, up 18.8%, but remains behind mandated transition trajectory.
- New outlook reduces expectations to 1.968m units for 2024, with BEVs anticipated to comprise 18.5% of uptake.
- https://www.smmt.co.uk/2024/08/two-straight-years-of-growth-for-new-car-market/
Demand for new vans down in July but 2024 market remains at three-year high.
- UK’s new light commercial vehicle registrations total 24,689 units in July, -8.5% below strong month in 2023 – with market up 2.7% in year to date.
- Demand falls across most segments but uptake of smaller vans more than doubles.
- Electric van demand down -14.6% in July, underlining need to bolster van-suitable charge point rollout while maintaining fiscal incentives. https://www.smmt.co.uk/2024/08/demand-for-new-vans-down-in-july-but-2024-market-remains-at-three-year-high/
A training hub designed to boost skills in the automotive sector will receive £9.7m in public funding. The North East Combined Authority (NECA) agreed to provide more than two-thirds of the cash needed to build MADE NE in Sunderland. https://www.bbc.co.uk/news/articles/czd98lwzl2jo
Jaguar Land Rover has published its best first quarter revenues in the history of the luxury car maker. In the three months to June 30, 2024, turnover was £7.3bn, up 5% versus Q1 FY24.
Compared with Q4 FY24, revenue was down 7%, reflecting fewer production weeks in Q1 FY25 versus Q4 FY24.
Profit before tax and exceptional items in the quarter was £693m, up from £435m a year ago. EBIT margin was 8.9%, up 0.3 percentage points compared with Q1 FY24.
