UK engine turnover set for 拢2.5bn surge in two years
30 Oct 2014- UK engine manufacturing turnover expected to increase by 拢2.5 billion to 拢10.5 billion by 2016.
- Annual engine output set to surpass three million units.
- 拢1 billion invested in UK engine production since 2011.
The revenue generated by engine manufacturing in the UK is expected to increase by up to 拢2.5 billion in two years, increasing turnover by nearly a third (31%). Over 拢1 billion has been invested in UK engine production since 2011 and forecasts suggest that the value of engine manufacturing will increase to 拢10.5 billion by 2016.
The industry has seen a spate of new investments come to fruition this year alone. Jaguar Land Rover鈥檚 拢500 million Engine Manufacturing Centre in Wolverhampton, which officially opens today, as well as Ford鈥檚 拢475 million low carbon engine development in Dagenham are helping ensure the UK is at the cutting edge of powertrain development and production. Development programmes like these will help total UK engine output surpass three million units per year, increasing volumes by more than a fifth over current levels.
Mike Hawes, 91成人 Chief Executive said, 鈥淩ecent events, such as the opening of Jaguar Land Rover鈥檚 new engine facility and Ford鈥檚 new engine range are clear evidence of the UK automotive industry鈥檚 intention to become a leading force in the design, development and manufacture of engines.
鈥淭he recent success is testament to the expertise of UK engineers, a flexible workforce and the competitive and supportive business environment. It will create more jobs, bolster the supply chain and help attract overseas suppliers back to UK shores.鈥
In 2013, the UK produced 2,553,316 engines, of which 60% were exported to overseas markets. Overall, UK automotive manufacturing generated 拢64 billion turnover last year, adding 拢12.4 billion to the economy. More than 770,000 UK jobs are dependent on the sector, which has seen nearly 拢13 billion investment announced since 2011. In the coming years, UK car manufacturing is expected to surpass the current record production level of 1.9 million units in a year, which was set in 1972.
