£1bn new car investments in just one week
By Kyle Lindsay
Wednesday, April 1, 2015 - 10:05
Honda, Jaguar Land Rover and London Taxi Company each commit to nine-figure investments.
Britain’s booming car manufacturing industry has received yet another huge boost with three major manufacturers announcing UK investments worth more than £1 billion in the past six days.
Honda, Jaguar Land Rover and the London Taxi Company have each made announcements of funding to build new vehicle models, amounting to a total of £1.05 billion.
The latest announcements, which comes off the back of a total of £7 billion committed in 2013 and 2014, are yet more evidence of the continuing renaissance in UK car production. In 2014, more than 1.5 million cars were produced in the UK – an increase of 50% since 2009, and the sector’s best performance since 2007.
The latest announcements include:
- 26 March: Jaguar Land Rover announces £600million new investment into its West Midlands operations, covering Castle Bromwich and Whitley sites.
- 26 March: Coventry-based London Taxi Company reveals a £250 million investment – as well as the creation of 1,000 jobs – as it prepares for production of a new range of ultra low emission taxis.
- 31 March: Honda unveils a £200 million spending plan with its Swindon plant to become the global production hub for the next-generation Honda Civic five-door.
Commenting on the news, Mike Hawes, SMMT Chief Executive, said: “It has been a fantastic week for UK automotive, with more than £1 billion earmarked by vehicle manufacturers for new model production that will drive further growth for the sector. Honda’s decision to build its next generation Honda Civic, a global car in an important and growing segment, here in the UK caps off a record six days – the first time three manufacturers have announced nine-figure investments over such a short period of time.”