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Record turnover for British automotive sector

The automotive industry in the UK enjoyed a record high turnover of £69.5 billion last year, which is a 6.6 percent increase on that of 2013, trade association data has revealed.

Its turnover for last year also marked a rise of 65.1 percent compared with 2000, which serves as a clear indication of how healthy Britain’s commercial vehicle and car manufacturing sector is.

As a report published by the Society of Motor Manufacturers and Traders points out, this has knock-on benefits for other business sectors, with an example being the manufacturers of oils designed for the vehicle being produced, such as Mobil 1 New Life 0W/40 and Q8 T750 15W/40.

Furthermore, the industry is also witnessing growth in employment, with 3.5 percent more jobs being supported by it during the past year, bringing the total to 799,000.

A number of reasons have been cited for the increase in turnover, including a series of large investments from automotive giants Vauxhall, Ford and Jaguar Land Rover, improvements in productivity thanks to more efficient and less labour intensive manufacturing processes and a reduction in overall waste, which has also had a positive impact on environmental targets for the industry.

The Society of Motor Manufacturers and Traders’ (SMMT) chief executive, Mike Hawes, said:

“The UK automotive industry can be proud of its achievements… delivering growth in volumes, turnover, employment and environmental impact.”

One area where the industry will still be targeting further improvement is European markets, where sales have risen but are still lower than previous highpoints, by anything from one million to two million units per year.

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