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UK automotive sector sets ambitious manufacturing target
According to figures announced ahead of today’s SMMT International Automotive Summit, the UK could surpass the 1972 record of 1.92m cars produced, with over 2m units rolling off domestic manufacturing lines in 2015. This landmark relies on eurozone stability and ongoing government support and collaboration. Achieving annual car manufacturing volumes in excess of two million units would equate to an increase in manufacturing output of more than 50% over 2011’s level of 1.3m units. @PREVIEWEND@
'The UK automotive industry is leading economic recovery with increased manufacturing output, growing export volumes and new jobs being created on the back of major international investment in the sector. Our engineering expertise, workforce flexibility and renowned motoring heritage, combined with top level collaboration between industry and government, makes the UK an important location for the global automotive industry,' said Paul Everitt (Inset), SMMT’s chief executive.
'The UK has attracted unprecedented levels of new investment and has a tremendous opportunity to see vehicle manufacturing rise to record levels in the years ahead. To remain globally competitive it is essential that industry and government continue to work in partnership and that key eurozone markets return to sustainable levels of economic growth,' continued Everitt.
Economic uncertainty across the eurozone is a factor that all businesses are watching closely. To a certain extent, the UK is insulated from the worst of demand fluctuations as it exports 40% of its products to countries outside Europe. However, it is clear that the ongoing stability and success of UK automotive is linked closely to demand from the continent.
The SMMT International Automotive Summit is the UK’s most high-profile meeting of industry leaders who attend to discuss key issues impacting the future growth of the sector. It will be held today in Canary Wharf. The 300-strong delegation will hear keynote speeches from Dr Ian Robertson (HonDSc), Member of the Board of Management of BMW AG, Sales and Marketing BMW and Peter Tyroller, Member, Board of Management, Robert Bosch GmbH. In addition, the day will close as Business Secretary Vince Cable describes how government is committed to supporting the sector and ensuring growth is sustained.
11 Jun 2012 15:55