UK Automotive Trade Association Seeks Government Support to Boost Sector Growth
The UK automotive industry is urging Chancellor Rachel Reeves to bolster the government's Modern Industrial Strategy, aiming to restore vehicle manufacturing capacity to 1.3 million units by 2035 from a forecasted output of around 700,000 passenger cars this year.According to GlobalData, UK car production has dropped significantly since its peak in 2018 when it reached an annual total of 1.5 million vehicles. The Society of Motor Manufacturers and Traders (SMMT) is calling for an annual Autumn Budget statement that would support the sector as a hub for advanced manufacturing investment.The SMMT highlights recent government commitments, including the £2.5 billion fund to boost innovation, productivity, and inward investment in the automotive industry. Additionally, landmark trade deals with...