Auto industry attracts £20bn investment
The UK automotive industry has so far attracted approximately £20bn in private investment this year, according to the Society of Motor Manufacturers and Traders (SMMT).
On top of industry’s backing for new and upgraded R&D and manufacturing facilities, the government committed a further £2bn for the sector, backed by an Advanced Manufacturing Plan and battery strategy that will drive green economic growth and create jobs across every part of the country.
Alison Jones, SMMT president, said: “As an industry, we have moved forward despite the instability, despite legislative uncertainty, inflation and geopolitical risk. The industry has backed itself with big decisions on big investments to guarantee jobs and our future. We have seen major commitments in battery production, lithium mining, vehicle manufacturing, R&D and the aftermarket. Such investment – and our ability to remain competitive – is key to the continuation of a strong UK manufacturing base and a sector that sustains nearly a million livelihoods.”
Mike Hawes, SMMT chief executive, said: “The industry is betting big on Britain, and government has rightly recognised the value that automotive manufacturing brings to the UK, backing our industrial transformation. These investments are, however, predicated on a strong domestic market. Incentives for business buyers must be matched with support for private buyers to ensure the maximum return on every penny already pledged to production. The prize for success will be a faster and fairer decarbonisation of Britain, ensuring millions have access to zero emission mobility.”
