Automotive Report

 

Firms in England and Wales' automotive sector hold plans to innovate, invest, expand across the globe and create thousands of new jobs.

Our second annual survey puts automotive manufacturers in the spotlight and considers the challenges the industry faces as it looks to capitalise on opportunities for growth across the globe.

The report, Driving Innovation, found strong plans to innovate the next generation of vehicles, engage new international customers, reshore manufacturing and create new jobs.

But manufacturers are concerned about the prospects for the global economy, and China in particular, where British-made vehicles have previously found a ready market.

Key research findings include:

  • 14 per cent turnover growth is forecast over the next two years
  • 58 per cent of the sector plan to achieve growth by innovating new products
  • 74 per cent are investing in or planning to engage new international customers
  • 27 per cent are targeting the Far East and Asia, down from 41 per cent last year.

Read our report to find out more about the success of the English and Welsh automotive industry, the challenges the sector faces and the support Lloyds Bank is providing.

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