Automotive News – Late July 2024
Estimated reading time 3 minutes
Car production down in first half as manufacturers invest in electric future.
- UK car production dips -7.6% in first half of 2024 as manufacturers continue switch to electric models.
- Electrified vehicle production YTD also down -7.6% to 157,224 units, representing 37.8% of total output.
- Latest independent production outlook anticipates UK producing some 910,000 cars and light vans this year, down -9.3%, as factories repurpose.
- Sector looks forward to working with new government on an industrial strategy with automotive at its core.
CV production still strong despite supply chain-constrained first half year fall.
- UK commercial vehicle (CV) manufacturing falls -2.9% to 56,956 units in first half of 2024 but still a third above pre-pandemic five-year average.
- Export demand remains robust, up 3.6% year-to-date with seven in 10 vehicles shipped overseas, as production for domestic market falls by -14.8%.
- Latest independent outlook expects factories to turn out some 111,000 light vans this year as sector looks forward to working with new government on an industrial strategy with automotive at its core.
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Decarbonisation and a drive towards net zero in the heavy-duty vehicle (HDV) sector could help to realise an estimated £2.4bn growth opportunity, according to the latest insight report from the Advanced Propulsion Centre UK (APC), titled ‘UK HDV supply chain opportunities to 2035‘.
This APC insight forecasts the UK will produce almost 35,000 heavy goods vehicles (HGVs) and buses by 2035, with at least 75% of these being zero-emission at the tailpipe. This would have a widespread impact across multiple different pathways, predicting 50% BEV, 25% FCEV, 22% non-fossil fuel ICE, and 3% ICE diesel.
Jaguar Land Rover (JLR) has confirmed it is ditching five models from its lineup next year due to their lack of profitability.
The five models being axed include the XE and XF sedans, the sporty F-Type, the E-Pace SUV, and the all-electric I-Pace SUV. By 2025, Jaguar’s lineup will consist of just one existing model, the midsize F-Pace SUV.
Auto makers can drive UK’s green growth agenda with carbon emissions halved.
- 25th automotive Sustainability Report shows UK vehicle manufacturers surpass major milestone with CO2 emissions per vehicle produced halved since 1999.
- More vehicles made but less energy used in 2023 with an -18% decline in CO2 emissions from factory production.
- Enhancing UK’s competitiveness could help deliver more than a million British-built zero emission vehicles every year by 2035.
- https://www.smmt.co.uk/2024/07/auto-makers-can-drive-uks-green-growth-agenda-with-carbon-emissions-halved/
Aston Martin’s losses have widened as the luxury car manufacturer prepares to launch four new models. Pre-tax losses grew from £142.2m to £216.7m in the first half of the year as car sales dropped 32% on the same period last year.
Almost 2,000 cars have been sold in the first half of 2024, causing revenues to decrease by 11% to £603m. Adjusted underlying profits fell by 23% to £62.2m.
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Sales of construction machinery equipment in the UK are lagging heavily behind 2023 levels but did improve in the spring.
UK retail sales of construction and earthmoving equipment in the second quarter of 2024 were up 17% on the first quarter but still 25% below the level reached in Q2 2023
