Car industry receives £1bn investment
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 Jaguar Land Rover’s £600million new investment into its West Midlands operations, covering Castle Bromwich and Whitley sites; London Taxi Company’s £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, as well as Honda’s £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.’