The UK experienced a wave of new investment in 2023, with leading manufacturers committing £20bn of private sector investment, according to the Society of Motor Manufacturers and Traders (SMMT).
Three of the four biggest manufacturers by volume have made these investments across the supply chain, including research and development (R&D), battery and car manufacturing, and lithium mining. Toyota is working on a range of battery technologies, while BMW has pledged £750mn to make two electric Mini models at its plant in Oxford. Elsewhere, Tata Motors has unveiled plans to build a £4bn battery factory in Somerset, and Nissan pledged investment of £2bn to develop three electric models in Sunderland.
The combined £20bn investment in 2023 is more than in the past seven years combined, signifying a positive future for the UK automotive industry.
Contechs works with many OEMs across the UK and globally to develop and engineer the next generation of electric models.