Number of motors made in Britain tops 1million for the first time in five years in huge boost for motor industry
A total of 1,025,474 cars and commercial vehicles were built last year, according to the Society of Motor Manufacturers and Traders
THE number of vehicles built in the UK topped one million last year for the first time since 2019 in a huge boost for Britain’s motor industry.
And the good news doesn’t stop there — UK car production rose 16.8 per cent in 2023, its best growth rate for 13 years.
A total of 1,025,474 cars and commercial vehicles were built last year, according to the Society of Motor Manufacturers and Traders.
The total retail value was over £50billion.
Some 905,117 cars were made, with the majority of the British-made motors manufactured for overseas buyers.
A total of 713,870 were exported with just 191,247 built for the UK market.
The top five British-built models for export were the Nissan Qashqai, Mini, Toyota Corolla, Nissan Juke and the Range Rover.
Specialist, luxury and performance car makers also had a bumper year, making 34,613 vehicles, worth an estimated £7.1billion.
UK commercial vehicle production increased by 18.5 per cent, with 120,357 vans, trucks, taxis, buses and coaches leaving factory lines.
SMMT chief Mike Hawes said: “Receding supply chain challenges, new model introductions and a massive £23.7billion of investment put UK vehicle production back on track in 2023.”
However he warned that “global competition is as fierce as ever”.
The sector received a boost at the end of 2023 with the deferral of tougher rules of origin for batteries and EVs traded between the UK and EU.
The move should help to safeguard the competitiveness of the UK sector.
Festive delays hurt Halfords
HALFORDS said that consumers cutting back spending on their cars hit trade in the run-up to the Christmas period.
Motoring equipment sales plunged 15.3 per cent in December, down from a 10.2 per cent rise in October and November.
The retailer’s boss Graham Stapleton said: “It is a very challenging time for our customers.
“We are still seeing drivers delay essential maintenance and there is a worrying increase in potentially unsafe vehicles on the road.”
Sales in its Autocentres car repairs chain rose 5.1 per cent, but bike sales dropped 1.2 per cent.
Martens smarten
DR MARTENS has been hit by plummeting US sales, which fell nearly a third at the end of 2023.
That was despite continuing support from celebrity fans such as Selena Gomez, Olivia Rodrigo and Phoebe Bridgers, who have all been pictured recently wearing the company’s boots.
The US slump pulled down global revenue by 21 per cent to £267million in the last three months of the year.
The firm said its US business had to deal with a major warehouse problem and is now facing a “weak consumer backdrop”.
Boss Kenny Wilson said: “While the consumer environment remains challenging, we are taking action to continue to grow our brand and invest in our business.”
The famous shoe brand listed on the London stock market in January 2021 but has had a difficult time of it since.
Shares are now worth around four-fifths less than they were then, but dealers reckon the company’s future looks promising and the share price shot up around ten per cent yesterday.
Feeling feverish
TONIC waters and mixers company Fever-Tree has grown market share in pubs and restaurants. while its new Espresso Martini mixer is popular for home sales.
However, its UK revenue slipped one per cent to £114.8million in the last six months.
But business was boosted by a good US performance with revenues climbing 22 per cent to £117million.
Boss Tim Warrillow said: “In the US we have extended our leadership position in both the tonic and ginger beer categories.”
SHARES in financial adviser St James’s Place slumped 5 per cent yesterday as it revealed the amount people invested with the firm was down to £5.12billion, from £9.78billion a year earlier.
Shares have fallen 48 per cent in the last year.
A fizz in sales
SOFT drinks maker Britvic reported an 8 per cent rise in revenue to £443.5million in the three months to the end of December.
It said an acquisition in Brazil helped revenues in the South American country to climb 21 per cent, while British revenue bubbled up 6.9 per cent.
Boss Simon Litherland said: “We are pleased with the start to the year.”
He promised “exciting plans for the year ahead”, including a Pepsi brand refresh.
Britvic has an agreement to make Pepsi in the UK.
Fuller’s festive cheers
PUB giant Fuller’s said sales climbed by more than a fifth over the festive period.
And the chain claimed it had a “great performance” across both its pubs and hotels.
Like-for-like sales have risen by 11.5 per cent so far during the financial year .
The Chiswick-based business, which runs 370 venues across the UK, said customers had shrugged off cost-of-living worries to celebrate at Christmas.
The news echoed similar statements earlier this week from rivals JD Wetherspoon and Marston’s, which both had improved festive sales.
Like rival pub chains, Fuller’s is concerned about rises in the national living wage and business rates.
Boss Simon Emeny said the firm is still impacted by the “challenging economic environment”, but he said it has “exciting plans” to grow.
He added: “The business is in great shape.”
Giving it some lip
CONSUMER healthcare group Haleon, formerly part of drug giant GSK, is flogging its ChapStick lip balm brand for £401million to a US private equity firm to reduce debt.
Haleon, which owns brands such as Sensodyne toothpaste and Panadol pain relief, will receive £338million plus a £63million minority stake in the US buyer Suave Brands Company.
Suave is owned by US private equity firm Yellow Wood Partners.