The UK's automotive industry will break the current record for vehicle manufacturing in 2020, a new report has predicted.
The report, commissioned by the Society of Motor Manufacturers and Traders (SMMT) says that in five years time, the UK's automotive industry will be producing more than two million cars per year - breaking the current record of 1.92 million cars produced in a single year, set in 1972. Currently, annual output stands at around 1.5 million vehicles.
Key to the rise in manufacturing is a continuing trend towards premium produces. The SMMT says that in 2010, 37% of the UK's car production was by 'premium' manufacturers, with that figure expected to rise to 54% by 2020. The UK is currently the second-highest producer of premium cars, behind Germany.
Alongside the rise in manufacturing is a predicted rise in employment in the UK's automotive industry. The rise to producing two million vehicles annually in this country is expected to result in an extra 9500 jobs created within vehicle manufacturers, with the potential for a further 28,000 jobs to be created within the wider supply chain. Vehicle production in the UK in the first nine months of this year is already over one million units.