Manufacturers in the automotive sector are looking to create new growth opportunities and significantly boost their investment in R&D, according to our latest research.
Research for our third annual report was conducted following the result of the EU Referendum and it found the sector is optimistic about the future but keeping an eye on the long-term.
Encouragingly, investment plans remained stable with manufacturers planning to invest 19 per cent of turnover in their business over the next two years. Job creation plans have held firm too, with the sector set to create around 85,000 new jobs before 2019.
More key findings include:
- 77% are investing in, or planning to engage new international customers in the next two years
- Firms are forecasting an average growth of 15% of turnover over the next two years - up slightly from 14 per cent last year
- 64% are planning to develop low carbon or electric vehicle technology
- Businesses are planning to invest 24% of turnover in research and development over the next two years
To find out more about the challenges and opportunities facing the automotive sector in England and Wales, including the exciting innovation around electric cars and driverless vehicle technology.
Read our report
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