Automotive News – Late June 2024
Estimated reading time 3 minutes
Commercial vehicle production falls in May.
- UK commercial vehicle (CV) manufacturing declines -59.3% to 4,400 units in May.
- Output for domestic and export markets falls -52.2% and -61.9% respectively, but exports remain up in the year to date.
- Overall year to date volumes dip by -3.2% to 45,439 units, a fall equivalent to 1,492 units
- https://www.smmt.co.uk/2024/06/commercial-vehicle-production-falls-in-may
Car manufacturing dips as factories switch to electric models.
- UK car manufacturing output down -11.9% in May as factories continue to retool for an electric mobility future.
- Almost 70,000 cars made, with output for the UK rising by 9.7% as exports decline by -17.4%.
- SMMT’s Vision 2035: Ready to Grow shows how output could surpass a million BEVs a year – worth some £290 billion over the next decade – with the right policies in place.
- https://www.smmt.co.uk/2024/06/car-manufacturing-dips-as-factories-switch-to-electric-models/
Back Automotive and reap £50bn growth.
- New analysis shows UK automotive sector can fuel £50 billion of green growth over next decade – with the right conditions in place.
- Smart policies and consumer incentives would help 17 million drivers switch to zero emission motoring by 2035, halving the number of fossil fuel cars in use.
- UK light vehicle manufacturing could deliver more than a million EVs a year by 2035, growing sector’s value by 5% on current outlook.
- SMMT’s Vision 2035: Ready to Grow signposts how sector can be the engine of job creation and carbon cutting while delivering a fair transition for all.
- https://www.smmt.co.uk/2024/06/back-automotive-and-reap-50bn-growth/
Battery electric vehicle (BEV) production in the UK is expected to top one million between 2030 and 2035, creating a demand for over 100 GWh of automotive batteries, providing the UK supply chain with a tantalising opportunity for growth and attracting further original equipment manufacturers (OEMs) to supercharge momentum.
German car making giant Volkswagen (VW) says it will invest up to $5bn (£3.94bn) in Tesla rival Rivian. The deal creates a joint venture that will allow VW and the US-based electric vehicle (EV) maker to share technology.
Rivian shares jumped by almost 50% after the announcement.
The owner of Vauxhall, Citroën and Peugeot has warned it may halt UK production unless the government does more to boost demand for electric vehicles (EV).
Maria Grazia Davino, the boss of Stellantis, said the current government approach to the banning of petrol and diesel cars risked hurting its UK business.