The UK is the center of diverse automobile manufacturing base in Europe. The automotive sector in the UK is vibrant and world class. Many global automotive companies have set up their base in the UK for its supportive business environment, workforce skills and engineering excellence available.
More than 40 well known automobile manufacturing companies such as Ford, BMW, Nissan, Honda, and Toyota have manufacturing units set up in the UK. The automobile industry is supported by a strong supply chain ranging from world class design, high precision and high performance engineering companies. There are over 10,000 active businesses in the UK automotive sector ranging from small and medium sized manufacturers to large plants controlled by multinational manufacturers. The focus of these businesses is on innovation in technology and component design.
The businesses operating in the automotive sector can be differentiated into five categories
• Component design and manufacture
• Vehicle manufacture
• Construction vehicle manufacture
• High performance motorsport design and manufacture
Key Strengths of the Automotive sector
The UK has an established infrastructure for automotive manufacturing companies. International automotive manufacturing companies have presence in the UK. Component manufacturing companies can sell their products to these multinational companies or overseas. Engineering and design excellence make the UK the front runner in the global automotive industry. There are more than 2,000 small and medium sized businesses involved in motor manufacturing alone.
Preferential Duty rates for importing
The generalized system of preferences (GSP) allows automotive manufacturers to import components from a range of countries at a reduced or zero duty rate. The EU also has trade agreements with third world countries because goods imported from these countries are eligible for preferential rates of duty. Preferential rates are also applicable while exporting to the least developed countries mentioned in GSP. EU goods attract a reduced rate when goods are exported to such countries. It is also easy to trade with EU countries as the UK is part of the EU. The EU market is one single market and there are no trade restrictions for companies based within EU countries. The automotive industry in the UK has a bright future based on demand for sophisticated vehicles that deliver cleaner and more fuel-efficient vehicles. The creativity and inventive nature of the UK automotive industry will play a vital role in the UK’s prosperity.
Advanced Manufacturing
The UK is also known as the European hub for its advanced engineering capabilities in the fields of aerospace, energy, food and drink, automotive, environmental technology, medical and pharmaceutical. The growth in this sector is fueled by advanced materials industry that is forefront in development of new products that gives improved performance and functionality. The UK has high volume of exports when it comes to automotive, construction equipment. The space and aeronautics industry is also a great revenue earner and adds up to 7 billion pounds to the UK’s economy.
To help advanced engineering explore it full potential, the UK offers
• Internationally famed expertise in high quality manufacturing, high …
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