Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK Car Industry Urges Government Action Amidst Production Decline

by May 30, 2024
May 30, 2024
UK Car Industry Urges Government Action Amidst Production Decline

The UK’s automotive sector is calling on the incoming government to implement a robust industrial strategy to aid the transition to electric vehicles, following another month of declining production.

According to data from the Society of Motor Manufacturers and Traders (SMMT), only 61,800 cars were manufactured in April, a year-on-year decrease of 7%. This brings the total number of vehicles produced in the first four months of the year to 184,000, marking a nearly 1% decline. The SMMT warns that the industry could see an annual drop of more than 6%.

Car manufacturing is vital to the UK’s economy, with around 80% of vehicles produced being exported. Key markets include the European Union and the United States, which together account for over 70% of UK car exports. However, exports fell by 12% last month, exacerbating concerns.

The industry has faced significant challenges since its peak in 2016, initially due to Brexit-related investment shifts and subsequently due to pandemic-induced supply chain disruptions. This year, the transition to electric vehicles (EVs) is a primary concern. Jaguar is closing its Castle Bromwich plant in Birmingham to switch entirely to electric models from next year, while Nissan in Sunderland and BMW Mini in Oxford are updating their machinery and assembly lines for EV production.

Mike Hawes, SMMT’s chief executive, stressed the importance of maintaining foreign direct investment for the sector’s survival. “With a general election weeks away, the next government must create favourable conditions for the competitiveness of UK manufacturing and the necessary investment to transition to a net-zero future,” he said.

In its first official statement since the election announcement, the SMMT has called on both main parties to commit to a formal industrial strategy. Key demands include:

– Provision of low-cost, zero-carbon energy to reduce manufacturers’ high power costs and help achieve decarbonisation targets.
– Ensuring a skilled workforce suited for future industry needs, particularly given the sector’s historical reliance on EU migrant workers.
– Securing free trade agreements with existing and emerging markets.
– Supporting the domestic market for new electric vehicles through fiscal incentives and developing a nationwide network of public recharging infrastructure.

Hawes asserted that these measures would enhance the sector’s competitiveness, stimulate economic growth, and create job opportunities across the UK while advancing environmental goals.

The scale of the challenge was underscored by Jaguar Land Rover’s announcement of training 11,000 workers for battery electric vehicle production and hiring 950 electrical engineers. The company highlighted that electrification opens up opportunities for individuals from diverse backgrounds, noting that EV work is more process-oriented and less physically demanding than traditional internal combustion engine work, making it more accessible, including for neurodiverse employees.

The UK car industry’s plea underscores the urgent need for strategic governmental support to navigate this critical transition period.

Read more:
UK Car Industry Urges Government Action Amidst Production Decline

0
FacebookTwitterGoogle +Pinterest
previous post
Failed Bearish Patterns are Bullish for S&P 500!
next post
Evening Standard scraps daily print paper blaming work from home for demise

You may also like

Retail Sales Surge in May After April Washout

June 22, 2024

Trump announces UK-US trade deal on VE Day...

May 8, 2025

Mike Ashley demands to take charge at Boohoo...

October 24, 2024

What Is Copy Trading and How T4Trade Makes...

May 27, 2025

The Major Challenges of Having Multiple Payment Gateways

July 12, 2024

AstraZeneca moves $360M investment in a new manufacturing...

February 9, 2023

West Midlands named second in Europe for foreign...

February 20, 2024

Bank of England faces pressure to cut rates...

September 16, 2024

Asda’s grocery market share slips as Chairman Lord...

August 14, 2024

How your accountancy company can negotiate the best...

January 27, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Horizon victim Lee Castleton sues Post Office and Fujitsu for £4.5m in landmark legal claim

      August 7, 2025
    • Bank of England expected to cut interest rates to 4% amid weakening UK economy

      August 7, 2025
    • OpenAI in talks over $500bn share sale, potentially surpassing SpaceX in value

      August 7, 2025
    • UK construction activity slumps to lowest level since Covid amid housing slowdown

      August 7, 2025
    • Getting to Know You: Stuart Davis, CEO & co-founder, Dubs Universe

      August 7, 2025
    • TSB brand under threat as £2.65bn sale to Santander approved by Sabadell shareholders

      August 7, 2025

    Categories

    • Business (8,697)
    • Investing (2,179)
    • Politics (16,329)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved