Car production in Spain up 20% in first five months of 2023 and passes one-million-vehicle mark

Spain manufacturing sector

Intermoney| According to data published by Anfac, vehicle production in Spain continues on its clear path of recovery and in the first five months of the year increased by 19.9% to reach 1.08 million cars. In May, growth was up 35.9%, with 249,906 vehicles produced.

Of the vehicles manufactured up to May, 90.8% were exported to other countries (up 3.7pp vs. 2022 levels), while in May the percentage of vehicles destined for export was 89% (1.2 points up year-on-year).

By technology, more than 80% of the vehicles produced in Spanish plants were combustion models (diesel or petrol), while electric vehicles accounted for only 7% of the total (13.1% adding plug-in hybrids) and conventional hybrids accounted for 6%. In May, electric vehicles accounted for 6.5% of production (13.4% including plug-in hybrids), petrol vehicles 55.2% (137,841 units) and diesel models 23.9% (59,684 units).

Assessment: although the figures are still 15% below pre-pandemic 2019 levels, the data are positive. Although uncertainties in the sector have not disappeared, the outlook for 2023 is for global growth of +4.1% (to 85.7 million vehicles), with the strongest growth expected in Western Europe (+10.1% to 10.9 million vehicles).

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.