British Industry Passes £10bn In EV Investment

Tue 29th Mar 2022

To the casual observer the introduction of electric vehicles into the market may seem like a relatively new trend, however motor industry bosses are being praised for completing a multi-billion ten year spell investment in the future of EV.

Analysis published in a Daily Mail report this week reveals that since 2011 the automotive sector has spent £10.8billion in developing the greener, emission-free motoring solution. Industry insiders claim that the push has brought with it 14,320 new jobs, as British business reflects the government’s desire for the UK to become a global leader in electric battery vehicle production.

The Society of Motor Manufacturers and Traders have tagged the era of growth as ‘Britain’s first electric decade’ and have now called on the government to meet the challenge and ensure that funds are provided to maintain the momentum.

“The UK automotive industry has set out its intent – to meet the challenge of net zero – and has backed that ambition with cash, investing massively during Britain's first electric decade,” said SMMT chief Mike Hawes.

“As we enter the second, the stakes are higher, with some of the world's toughest regulation coming, regulation that will seek to determine the pace of change in a market constantly buffeted by headwinds.”

Battery production company British volt have led the way with a £2.6bn spend, closely followed by some of the biggest manufacturing names such as Bentley (£2.5bn), Jaguar (£1.6bn), Mclaren (£1bn) and Nissan (£1bn).

But while the government makes promises of funding to support the infrastructure required to service the growing number of EVs on the roads. The SMMT is calling for more solid strategy from the decision makers.

“Delivering net zero needs a competitive industry and a competitive market,” Hawes continued. 

“We need a holistic strategy with binding targets on chargepoint provision, attractive fiscal and purchase incentives, and a reliable, accessible and affordable user experience. 

“We need a universal right to charge electric vehicles, for all drivers, wherever they live, wherever they travel and whatever their needs.”