United Kingdom Car Production

UK car production rose 14.6% YoY to 79,907 units in February 2024, marking the sixth straight month of growth amid robust domestic demand. Production for the UK market increased 58% to 20,658 units, while exports rose 4.6% to 59,249 units. Still, overseas shipments accounted for 74.1% of overall production, with the bulk going to the EU and China. Meanwhile, SMMT warned that production volumes may be vary in the coming months as major manufacturers shift from LNG-running models to focus on new electric variants. The UK and EU agreed in December to give EV makers until the end of 2026 to comply with local content rules, delaying the imposition of tariffs on EVs traded with each other. SMMT Chief Executive Mike Hawes said: “The UK industry faces stiff competition, however, as global competitors seek to secure new models and technologies so a commitment to our industrial competitiveness, from all political parties in this likely election year, must be maintained.”