SMMT highlights global opportunities for UK automotive industry

Focus on international trade and investment crucial for future growth

SMMT highlights global opportunities for UK automotive industry
Photo: Nissan

The UK automotive industry, a significant contributor to the national economy, remains a major exporter of goods worldwide. This success is underpinned by substantial investments from overseas businesses, resulting in the development and production of cutting-edge technologies within the UK.

Recent developments, such as the announcement of a £50 million investment in a new component manufacturing plant in Sunderland, further solidify this trend. However, maintaining this momentum requires proactive efforts to attract and retain investment in the face of increasing global competition.

Recognising this, the Society of Motor Manufacturers and Traders (SMMT) is actively engaged in international activities to explore and capitalise on new market opportunities. Following their participation in CES Las Vegas, SMMT recently supported a UK government trade mission to India, attending the Bharat Mobility Global Expo in New Delhi. This significant event showcased the immense trade potential with India, a country with rapidly growing vehicle markets and a burgeoning manufacturing base.

Thailand also presents significant growth opportunities for the UK automotive industry. As Southeast Asia’s largest vehicle producer, Thailand offers a promising market for UK businesses. SMMT recently hosted a webinar and published a report on the Thai automotive sector, providing valuable insights into market trends, supply chain dynamics, and potential partnerships.

To fully capitalise on these international opportunities, SMMT emphasises the crucial need for a comprehensive and effective trade strategy and industrial strategy that prioritises the automotive sector. This should focus on securing new and improved free trade agreements, fostering partnerships for access to critical materials, and creating a more attractive business environment for automotive investment in the UK. This includes ensuring access to affordable green energy and providing meaningful support for UK manufacturers and the development of transformational vehicle markets.

By implementing these strategies, the UK can enhance its competitiveness and attract further investment, leading to increased production of high-value, innovative products and driving economic growth.

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