The auto industry is set to give the UK economy a £14billion boost in 2023 as supply chain shortages ease
The UK car and van market is set to rebound next year with a £14billion boost to the economy as supply chain shortages ease.
Manufacturers expect 984,000 vehicles to roll off production lines, a 15% increase worth £3.9billion, according to the Society of Motor Manufacturers and Traders.
Sales are also expected to recover, also adding 15% or £10bn.
On a roll: Manufacturers expect 984,000 vehicles to roll off UK production lines, a 15% increase on last year worth £3.9billion, according to the Society of Motor Manufacturers and Traders
The industry is looking to recover from a downturn brought on first by the pandemic and then by a crippling lack of computer chips.
Auto production is down 11% for the year, although 2021 was the weakest year since 1956.
The company calls on the government to spur growth through policies to attract investment in the production of vehicles, batteries and fuel cells for a net-zero carbon future.
Chief executive Mike Hawes said: “In the toughest times, growth is finally beckoning to the UK motor industry, and as recession looms, it’s growth that needs to be nurtured.”
So we need quick and decisive action that gives us a chance to win the global competition.