Income generated by UK car exports has more than doubled over the last decade, according to new analysis by the country’s automotive industry body, the Society of Motor Manufacturers and Traders (SMMT).
12 Jun 2014 | 2865 Views | By Autocar Pro News Desk
Income generated by UK car exports has more than doubled over the last decade, according to new analysis by the country’s automotive industry body, the Society of Motor Manufacturers and Traders (SMMT).
At the organisation’s International Automotive Summit today in Canary Wharf, SMMT chief executive Mike Hawes revealed that ...
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Income generated by UK car exports has more than doubled over the last decade, according to new analysis by the country’s automotive industry body, the Society of Motor Manufacturers and Traders (SMMT).
At the organisation’s International Automotive Summit today in Canary Wharf, SMMT chief executive Mike Hawes revealed that global markets spent £24.8 billion (Rs 245,991 crore) last year on UK-built cars, compared with £12 billion (Rs 119,028 crore) a decade ago. Alongside rising manufacturing volumes, the income surge is largely attributable to the shift to building higher-quality models across the country, doubling the average export value of a car from £10,200 (Rs 10.11 lakh) to £20,640 (Rs 20.47 lakh).
“Countries around the world are spending twice what they were 10 years ago on UK-built cars. This reflects the thriving nature of our domestic industry and our global reputation for engineering expertise,” said Mike Hawes, SMMT chief executive.
“With booming production volumes and the increasing value of UK car manufacturing, we are enjoying healthy demand from both growing and established markets. We want this success to continue but urgently need more young people to join our industry, working in every area from design and engineering to manufacturing and retail.”
UK car manufacturers produced more than 1.5 million cars last year, and are on course to break all-time records by passing the two-million barrier by 2017. Around 80 percent of cars built in the UK are exported, half of which are destined for the rest of the EU. Exports to wider global markets have increased markedly over the past decade, however, helped by growing worldwide demand for premium vehicles and the significant investments committed to the UK by global manufacturers like the Tata Motors-owned Jaguar Land Rover.