Next government can help automotive sector realise its full potential - report
The automotive industry is calling on the next government to work with the industry to help it realise its full potential and deliver growth worth £50bn over the next decade.
The call from the Society of Motor Manufacturers and Traders (SMMT) follows publication of the trade organisation’s Vision 2035: Ready to Grow report, which predicts millions more drivers switching to zero emission motoring with the right support.
SMMT’s research shows that targeted policies would see the new car market value grow from just over £70bn a year today to almost £80bn every year over the next decade, with over 17 million fossil fuel cars replaced by zero emission vehicles by the end of 2035. Simultaneously, over a million EV cars and vans could be rolling off production lines annually, increasing the sector’s value by five per cent over the current outlook.
The report sets out a cross-party plan to strengthen the market, bolster Britain’s trade, upskill the workforce, provide low-cost, low carbon electricity and deliver an industrial transformation strategy that will transition the UK to a net zero future.
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