UKTI praises automotive sector growth
1 min read
UK Trade & Investment (UKTI) – the government agency responsible for promoting UK exports –has praised the automotive industry for delivering growth despite the pressures of a worldwide financial crisis.
The agency said the UK's automotive sector is enjoying rising production and export numbers with 1.39m vehicles having been made in the UK last year. Seventy-five per cent of cars and 73% of commercial vehicles were sold overseas.
In total, the UK exported vehicles and parts worth £27 bn in 2010 and has become one of the leading locations for engine production. Of the 2.4million units made in the UK last year, 72% were exported.
The UK automotive industry is also supporting new innovation with financial backing, said UKTI, with substantial funds spent on research and development each year. Even in the recession, R&D funding rose by 9%.
Typically achieving a turnover of around £50billion, the sector now employs over 700,000 people, and has an international reputation as a centre for world-leading engineers and top-class facilities. Plus, it has become a global focal point for low carbon technologies.
