The UK automotive industry turned over a record £69.5 billion in 2014, figures released by the Society of Motor Manufacturers and Traders (SMMT) have revealed.
The SMMT’s annual Sustainability Report revealed that turnover in the UK industry had jumped 6.6%, meaning that the average UK worker is generating £440,000. This was driven by increased manufacturing output and growth in vehicle sales and exports.
More than 1.6 million vehicles were built in the UK in 2014, including 1.53m cars, the highest level since 2007. More of these were also sold in the UK, with 2.48m cars registered in the UK. The value of cars made in Britain and exported rose 1.8% to £34.6bn - a rise of 103.8% since 2000.
"While recognising that the industry has traditionally been cyclical, it's clear that we are on a high," said SMMT chairman Mike Hawes. "The new Government has set targets on productivity, innovation and trade and export, and these are all areas that the automotive industry excels. We have enjoyed 39 consecutive months of sales growth in the UK. Europe has been on the up for more than a year. There is a lot of good news, and within that some challenges, the biggest of which is getting enough people in to engineering to sustain the growth, but also the EU and Russian situations. Still, we look forwrad with confidence."