It has been found in the report published by the Society of Motor Manufacturers and Traders (SMMT), that the automotive industry in the UK is on continuous rise and by 2020 the industry will be producing two million cars per year, it will break the record of 1.92 million cars produced in a single year, the record was set in 1972. However the annual car production in the UK stands at 1.5 million per year.
The UK is second most cars producing country in the Europe with its current car production units. It is important to note that Germany is the most car producing country in Europe. The growth of the auto sector in the UK lies in its capacity to produce premium products, the report says, in 2010, the premium manufacturers accounted for 37% of the UK’s car production. It has been estimated that this figure will rise to 54% by 2020.
The growth of the auto industry is a positive sign for the economy. The increase of car production will create further employment opportunity in the country. The two million annual production means 9500 new jobs in the auto sector. There will be a rise of 28,000 new jobs in the entire supply chain cycle of the automotive industry.
The first nine months of the current year have seen the production of over one million cars in the country. The higher Official at SMMT argued the UK has attracted premium car manufacturers around the world. The UK has become a global destination for premium car manufacturers because of its state of the art production facilities and infrastructure. The automotive industry in the UK has attracted foreign direct investment which is helping the country to boost up its economy.
