UK car industry to get US$1.5 billion to power low carbon technology research, create jobs
- 12 July 2013
LONDON: Today the UK Government announced a US$1.5 billion boost to low carbon technology research in the automotive industry, which is expected to create 30,000 new jobs.
The funds will be invested into an Advanced Propulsion Centre, to research, develop and commercialize the low carbon vehicles of the future, a move which is expected to secure at least 30,000 jobs related to producing engines and supply chain.
The 10-year scheme which was announced by the UK’s Business Secretary, Vince Cable today, forms part of the Government’s Driving success – an industrial strategy for growth and sustainability in the UK, but is joint-funded by 27 industry firms, including Bentley, BMW Group, Caterpillar, Ford, JCB, Nissan, SMMT and Tata Motors.
Vince Cable said: “The UK automotive sector has been incredibly successful in recent times, with billions of pounds of investment and new jobs. This has been achieved by Government and industry working together.
“With the next generation of vehicles set to be powered by radically different technologies we need to maintain this momentum and act now. Our industrial strategy will ensure we keep on working together to make our automotive industry a world leader.”
The Technology Strategy Board also launched a US$15 million (£10 million) competition today to find innovative low carbon vehicle projects to become fast tracked for commercialization through the Advanced Propulsion Centre. Businesses are invited to bid for support on the collaborative projects.
Welcoming the Strategy announced today, Iain Gray, the Chief Executive of the Technology Strategy Board, the UK’s innovation agency, said: “This automotive strategy is the result of a great deal of effort over a number of years from all parties in the automotive sector and the Government. We have an agreed way forward which will give stability and momentum to the transport industry in this country. It will give businesses – large and small – the confidence to plan for the future in the UK.”