Connect with us

International

The outlook for the UK car industry is getting worse.

 


Prime Minister Rishi Sunak has little room to spend to support what remains of Britain’s car manufacturing base.

Treasury Secretary Jeremy Hunt last week announced a £55 billion ($66.7 billion) tax increase and spending cuts that a free market think tank called “a recipe for managed decline.”

This includes plans to start charging road tax on EVs over the next few years.

Britain’s austerity policy adds insult to injury from Brexit, which has plunged the country into long periods of uncertainty and car investment delays.

In the 12 months leading up to the 2016 referendum, Britain produced nearly 1.7 million cars. Over the past year, automakers haven’t produced even half of that.

David Bailey, a professor of business economics at the University of Birmingham, said: “We are witnessing a slow-motion car crash in the UK car industry.” “The UK had an industrial strategy, but now the government seems to be sitting on its side.”

Britain’s struggle to modernize its auto industry threatens thousands of industry jobs as the changes redraw the map on which cars are manufactured.

BMW said last month it would shift production of the electric mini hatchback from Oxford, England, to China.

Honda closed its car plant in Swindon last year and left the UK with only four production vehicles: the JLR, Nissan, BMW and Toyota. Britain boasted the world’s second largest car manufacturing base in the 1950s.

It has since fallen to 18th behind rivals including Canada and Slovakia.

Local demand is not a reason to stay around. Companies will post the worst sales in the market since 1982.

Even more worrying is that the UK lacks a substantial battery supply chain needed to support mass production of EVs.

There are reasonably sized battery factories operating in China, owned by the Chinese Envision Group, and have failed to attract investment in additional large-scale facilities.

Britishvolt has been at the center of plans to set up a factory in northern England to supply batteries for millions of electric vehicles. But the startup, backed by mining giant Glencore, is currently seeking funding beyond early December.

The company, less than three years old, struggles with the chicken-and-egg dilemma. British car manufacturers will be reluctant to build new factories or retrofit existing ones unless they can source battery cells nearby. Battery manufacturers are unwilling or unable to invest without predictable customer demand or significant government support.

Unlike Swedish rival Northvolt, which has signed contracts worth about $55 billion with major automakers, British Volt has not secured significant orders.

The company had outline agreements with Aston Martin and Lotus, but neither of the smaller manufacturers made firm commitments.

Sources

1/ https://Google.com/

2/ https://europe.autonews.com/automakers/uk-car-industrys-prospects-go-bad-worse

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]