A 40-year manufacturing record is set to be broken by car-makers in the UK as more than 2 million vehicles annually are forecast to be built in the country by 2015, according to data released today.
Investments of £5.5bn into the industry over the last 18 months have fuelled increasing confidence, helping to create thousands of new jobs and vehicles alike.
The figures, released today at the Society of Motor Manufacturers and Traders (SMMT) annual conference, suggest the UK will surpass the current record (set in 1972) of 1.92m vehicles by 2015.
The UK already exports more cars than it imports for the first time since 1976, with Vauxhall, Jaguar Land Rover and Toyota just a few manufacturers expanding their operations across the UK.
It is hoped that smaller manufacturing firms supplying to the motor industry will also reap the rewards of increased car production, therefore in turn helping boost the UK economy as a whole.
Paul Everitt, SMMT chief executive, said of the figures: “The UK automotive industry is leading economic recovery with increased manufacturing output, growing export volumes and new jobs being created on the back of major international investment in the sector.
Approximately one in three businesses using invoice factoring or invoice discounting across the UK are manufacturers (as of end of 2015)