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Posted 31st March 2015

Boom Time for British Car Industry

£1 Billion in New Investments Committed in Just One Week

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Boom Time for British Car Industry

Boom Time for British Car Industry

Britain’s booming car manufacturing industry has received yet another huge boost with three major manufacturers announcing UK investments worth more than £1 billion in the past six days.

Britain’s booming car manufacturing industry has received yet another huge boost with three major manufacturers announcing UK investments worth more than £1 billion in the past six days.

Honda, Jaguar Land Rover and the London Taxi Company have each made announcements of funding to build new vehicle models, amounting to a total of £1.05 billion.

The latest announcements, which come on the back of a total of £7 billion committed in 2013 and 2014, are yet more evidence of the continuing renaissance in UK car production. In 2014, more than 1.5 million cars were produced in the UK – an increase of 50% since 2009, and the sector’s best performance since 2007.

The latest announcements include:

26 March: Jaguar Land Rover announces £600million new investment into its West Midlands operations, covering Castle Bromwich and Whitley sites.

26 March: Coventry-based London Taxi Company reveals a £250 million investment – as well as the creation of 1,000 jobs – as it prepares for production of a new range of ultra low emission taxis.

31 March: Honda unveils a £200 million spending plan with its Swindon plant to become the global production hub for the next-generation Honda Civic five-door.

Mike Hawes, SMMT Chief Executive, said, “It has been a fantastic week for UK automotive, with more than £1 billion earmarked by vehicle manufacturers for new model production that will drive further growth for the sector. Honda’s decision to build its next generation Honda Civic, a global car in an important and growing segment, here in the UK caps off a record six days – the first time three manufacturers have announced nine-figure investments over such a short period of time.”

Categories: Finance

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