The number of engines made in Britain exceeds 1 million for the first time in five years
THE number of vehicles built in Britain passed the one million mark last year for the first time since 2019, in a huge boost for the British car industry.
And the good news doesn't stop there: British car production increased by 16.8 percent in 2023, the best growth rate in thirteen years.
According to the Society of Motor Manufacturers and Traders, a total of 1,025,474 cars and commercial vehicles were built last year.
The total retail value was over £50 billion.
Approximately 905,117 cars were made, with the majority of British-made engines manufactured for foreign buyers.
A total of 713,870 were exported, of which only 191,247 were built for the British market.
The top five British-built models for export were the Nissan Qashqai, Mini, Toyota Corolla, Nissan Juke and the Range Rover.
Manufacturers of specialist, luxury and performance cars also had a banner year, with 34,613 vehicles, worth an estimated £7.1 billion.
Commercial vehicle production in the UK rose by 18.5 percent, with 120,357 vans, trucks, taxis, buses and coaches leaving the factory.
SMMT chief Mike Hawes said: “Reducing supply chain challenges, the introduction of new models and a huge £23.7 billion investment will see UK car production back on track by 2023.”
However, he warned that “global competition is fiercer than ever”.
The sector was boosted in late 2023 by the postponement of stricter rules of origin for batteries and electric vehicles traded between the UK and EU.
This move should help safeguard the competitiveness of the UK sector.
Festive delays hurt Halfords
HALFORDS said consumers cutting back on their cars is hurting trading in the run-up to the Christmas period.
Automotive equipment sales fell 15.3 percent in December, compared with a 10.2 percent increase in October and November.
The retailer's boss, Graham Stapleton, said: “It is a very challenging time for our customers.
“We continue to see drivers putting off essential maintenance and there is a worrying increase in potentially unsafe vehicles on the road.”
Turnover in the car repair chain Autocentres increased by 5.1 percent, but bicycle sales fell by 1.2 percent.
Martens smart
DR MARTENS has been hit by plummeting sales in the US, which fell by almost a third by the end of 2023.
That's despite continued support from celebrity fans like Selena Gomez, Olivia Rodrigo and Phoebe Bridgers, all of whom have recently been pictured wearing the company's boots.
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The slump in the US saw global sales fall 21 percent to £267 million in the final three months of the year.
The company said its U.S. operations suffered a major warehouse problem and are now facing a “weak consumer environment.”
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 well-known shoe brand went public on the London stock exchange in January 2021, but has been struggling since then.
The shares are now worth about four-fifths less than they were then, but dealers see the company's future as promising and the share price shot up about ten percent yesterday.
Feeling of fever
TONIC water and mixer company Fever-Tree has increased its market share in pubs and restaurants. while the new Espresso Martini mixer is popular for home sales.
However, UK sales have fallen by one per cent in the past six months to £114.8m.
But sales were boosted by a strong performance in the US, with sales rising 22 percent to £117 million.
Boss Tim Warrillow said: “In the US, we have expanded our leadership position in both the tonic and ginger beer categories.”
Shares in financial adviser St James's Place fell 5 per cent yesterday as it emerged that the amount people invested in the firm had fallen to £5.12 billion, from £9.78 billion a year earlier.
Shares have fallen 48 percent in the past year.
A pinch in sales
Soft drinks maker Britvic reported an 8 percent increase in sales to £443.5 million in the three months to the end of December.
According to the company, sales in the South American country increased by 21 percent thanks to an acquisition in Brazil, while British sales increased by 6.9 percent.
Boss Simon Litherland said: “We are pleased with the start to the year.”
He promised “exciting plans for the year ahead,” including a refresh of the Pepsi brand.
Britvic has an agreement to make Pepsi in Britain.
Fuller's celebratory cheer
PUB giant Fuller's said sales increased by more than a fifth over the festive period.
And the chain claimed it had delivered a “great performance” in both its pubs and hotels.
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Like-for-like sales are up 11.5 percent year to date.
The Chiswick-based company, which operates 370 locations across the UK, said customers had shaken off concerns about the cost of living to celebrate Christmas.
The news echoed similar statements earlier this week from rivals JD Wetherspoon and Marston's, both of which had improved festive sales.
Like rival pub chains, Fuller's is concerned about the rise in the national living wage and business rates.
Boss Simon Emeny said the company continues to be affected by the “challenging economic environment” but has “exciting plans” to grow.
He added: “The company is in excellent shape.”
I'll give it some lip
CONSUMER healthcare group Haleon, formerly part of drug giant GSK, is selling its lip balm brand ChapStick to a US private equity firm for £401 million to reduce debt.
Haleon, owner of brands including Sensodyne toothpaste and Panadol pain relief, will acquire £338m plus a £63m minority stake in US buyer Suave Brands Company.
Suave is owned by US private equity firm Yellow Wood Partners.