A range of UK specialist manufacturing companies such as Aston Martin, Lotus and Rolls-Royce are expected to get a boost to their production. The UK Specialist Car Manufacturing Report 2017 has been published by the Society of Motor Manufacturers and Traders. The report has shown that the UK’s 36 low volume carmakers will produce 60% more vehicles in 2020 in comparison to 2016. This increase in volume is expected if the current economic conditions are to stay the same.
Last year, studies have shown that that in the UK, 32,000 specialist vehicles were made. This volume is up a quarter from 2012 and led to a turnover of £3.6 billion. The Report published by the Society of Motor Manufacturers and Traders has also shown that for this period the level of employment is also up in 2016. The UK Specialist Car Manufacturing Report states that 11,250 people were in highly skilled roles in the automotive industry. In addition to this are the thousands of other jobs in the supply chain.
The Society has said that is the British economy continues to move in the right direction, in regards to industry standards, regulations and stability after Brexit, then the UK could be able to produce more vehicles in this smaller low volume automotive sector. The Report has shown that the UK could be able to produce over 52,000 specialist vehicles by 2020.
This sector is a vital part of the UK economy as it is representative of 65% of the cars that are produced and exported to a range of major market in the EU, USA, Far East and Middle East. On top of this any of the parts that are required to build vehicles in this industry are also made in the UK.
Manufacturers in this industry such as Aston Martin, McLaren and TVR have also announced that they will all be building new plants in order to produce new models from 2019 onwards, this will then lead to the creation of specialist jobs and improved marketability.