Figures released by the Society of Motor Manufacturers and Traders (SMMT) show the highest vehicle production since 2008, with industry on track to produce record 1.95 million vehicles in next two years.
SMMT’s 16th annual Sustainability Report confirms the sector is breaking new records, with turnover hitting an all time high of £69.5 billion in 2014.
Mike Hawes, SMMT Chief Executive, said, “The sector is delivering growth in volumes, turnover and employment, while reducing its environmental impact.
Continuing to expand in a fiercely competitive global market is a major challenge and will depend on a supportive economic and regulatory environment which promotes investment to foster innovation and continuing productivity improvements.”
The number of people employed in automotive manufacturing and retail now stands at 799,000, with the average worker responsible for generating £440,000 in turnover for the sector.
Investment in skills has also been crucial with employee training up by more than a third and some 500 new apprentices and trainees taken on by the sector last year.
International demand for British-made vehicles also continues to increase with total export value rising 1.8% to £34.6 billion – a staggering 103.8% uplift since 2000.
It adds up to a considerable increase in the industry’s direct contribution to the British economy, rising 6.2% to £15.5 billion last year.