UK automotive production value
UK automotive production value (vehicles and parts) has recovered from a low point in 2009, but it has seen modest growth of just over 10 percent since 2012. Nearly all of this growth has come from an increase in total vehicle production value. Since 2009, the value of vehicle production has increased by more than 60 percent. The value of components has grown by a slightly lower 50 percent.
Despite the modest growth in value, 2015 saw vehicle manufacturing reach its highest level in a decade, with nearly 1.6 million vehicles being produced. Q2 2016 production value remained at record-high levels, and in pre-Brexit forecasts, total vehicle production was predicted to reach 2 million vehicles by 2020, fuelled by £2.5 billion of investment in 2015.
A record number of cars were exported in 2015, thanks to significant foreign demand for Britishmade cars. The impact of Brexit-related uncertainty (i.e., footprint decisions being made before the endgame is clear) and any potential changes in the rules governing movement of goods and people (e.g., European nationals working in the UK industry) will be key to the ability to meet these forecasts.