UK commercial vehicle (CV) production rose 92% in August, from 3,179 in 2021 to 6,132 units in 2022. This makes it the best August since 2012 and the eighth month in a row showing growth.
When split between overseas and UK numbers, we can see overseas demand has increased 78.4%, while production for UK destinations has increased 119.3%, more than double the previous year.
Looking at the whole year, we see that the year-to-date output is also the best since 2012, and is up 50.3% year-on-year at 64,828 units.
Output does not necessarily match registrations, however, so it will be interesting to see if the long-term dip in vehicle registrations is starting to turn around.
The huge improvement year-on-year indicates a strong rebound from the much lower numbers of 2021, and is an encouraging sign that the issues caused by covid and parts shortages are on their way be being resolved.
Not only has production risen, it has outpaced the pre-pandemic five-year average by 19.4%, which is definitely putting manufacturing back on track.
Mike Hawes, SMMT Chief Executive, said,
“Despite the toughest operating conditions in living memory, the UK’s commercial vehicle manufacturing output continues to grow, fuelled by strong demand and supported by easing disruption. However, spiralling energy costs pose a long term threat to the sector and its efforts to deliver zero emission transport. Government measures will provide short-term respite, but we need long-term action that will restore stability and boost our international competitiveness.”
We are starting to see some of this strong manufacturing performance filter down to van leasing, with a wider range of makes and models slowly becoming available in the near future. While there are still shortages, and delays remain for factory orders, the market as a whole is improving.
If you’re looking to lease, our team have all the info on the vans that will become available for the rest of the year and into early 2023.
