Experts are calling on the Government to support British car manufacturers as new data shows the UK automotive sector could provide £50billion worth of green growth over the next decade.
With the General Election less than two weeks away, the Society of Motor Manufacturers and Traders (SMMT) is calling on the next Government to act in the interests of the automotive industry.
It is calling on the next Government to "unleash its full potential" and deliver growth worth £50 billion over the next decade.
It has been estimated that this process alone would help millions of drivers up and down the country switch to greener methods of transport, namely electric vehicles.
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The SMMT is calling on the next Government to increase support for EVs
PAThe SMMT states that targeted policies would see the new car market value grow from just over £70billion a year today to almost £80billion every year over the next decade.
In the same timeframe, more than 17 million fossil fuel cars could be replaced by zero emission vehicles by the end of 2035 - the current deadline to ban the sale of new internal combustion engine vehicles.
If there were to be an increase in Government support, the UK could see more than one million zero emission cars and vans roll off production lines every year - helping to increase the value of the sector by five per cent.
As part of the SMMT's Vision 205: Ready to Grow report, it sets out how changes can be made to ensure the automotive sector can keep pace with other net zero industries.
Mike Hawes, SMMT Chief Executive, said: “The UK automotive sector has proved its resilience during recessions and pandemics.
"Now, it’s ready to grow. With voters preparing to cast their ballots next week, the next Government will have the power to unlock the sector’s potential, boosting the economy, creating jobs and cutting carbon.
"The industry’s vision is of green growth and a fair transition for all.
"Whoever forms the next Government, we urge them to create the conditions that will allow us to deliver on our promise.”
The SMMT has consistently called on the Government to lower VAT on sales of new electric cars to help more drivers get behind the wheel of EVs.
If this were to be introduced, an additional 300,000 new zero emission car registrations would be seen in just three years - bringing the total to 2.3 million.
Estimates show that EV uptake between now and 2035 would deliver a total revenue of £800billion, which would see half of all cars on UK roads be zero emission.
The UK is Europe's second-largest zero emission car market, as well as its biggest zero emission bus market, with 200,000 people directly employed in manufacturing.
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REUTERSA further 800,000 jobs are supported by the automotive manufacturing sector across the nation.
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