£130 million international investment in UK automotive sector

The news comes following a report from EY which found the UK remains the number one destination for FDI in Europe in 2017 to 2018.

Thanks to support from the Department for International Trade, 4 separate companies from across the globe–- including Steel & Alloy, Polytec and Magna – have all chosen to invest in the UK and open new automotive-related plants this month.

As the UK forms its own trade and investment policy for the first time in 4 decades, this marks the latest boost for a sector which exported £41.3 billion of products, including 1,340 000 vehicles, in 2017 – up from £37.8 million on 2016 – to over 160 international markets. According to SMMT, more than 137,000 new vehicles rolled off the UK’s production line this May.

This includes lucrative emerging non-EU markets such as China, to whom the UK exported £4.2 billion of automotive products last year – growth of 16.7% on 2016.

Minister for Investment, Graham Stuart said: “The opening of these 4 new plants is a fantastic example of investment pouring into the UK from around the world, which I witnessed in Oldbury. This is a clear sign of confidence in the strength of the UK’s automotive sector, which remains one of the most competitive in the world.

As an international economic department, this is an excellent example of the work that DIT - with its sector-specific expertise and capability - is doing to create jobs and prosperity for communities up and down the country.”