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The car industry will give the UK economy a £14bn boost by 2023 as supply chain shortfalls ease
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The UK car and van market is expected to bounce back next year with a £14bn boost to the economy as supply chain shortfalls ease.
Manufacturers expect 984,000 vehicles to roll off the line, a 15 percent increase worth £3.9 billion, says the Society of Motor Manufacturers and Traders.
Sales are also expected to recover, with an increase of 15 percent or £10 billion.
On a roll: Manufacturers expect 984,000 vehicles to roll off UK production lines, a 15% increase on last year worth £3.9bn, says the Society of Motor Manufacturers and Traders
The industry is trying to recover from a downturn caused first by the pandemic and then by a crippling lack of computer chips.
Car production is down 11 percent this year, even though 2021 was the weakest year since 1956.
Society is calling on the government to stimulate growth through policies to attract investment in vehicle, battery and fuel cell production in preparation for a carbon-free future.
Chief executive Mike Hawes said: ‘In the toughest times, growth finally beckons for the UK car industry, and with the recession looming, that’s growth to be nurtured.
We therefore need fast and decisive action that gives us a chance to win the global competition.’