With a number of years journalism experience, John is a personal finance journalist and editor providing regular daily news updates to the MoneyMaxim website. His area of particular interest includes house prices, mortgages and insurance. He works as News Editor at MoneyMaxim.
The 2,350 companies that make up the UK car manufacturing sector have enjoyed a recent boom, generating an impressive total revenue of £29.6 billion.
This figure makes up 11% of total UK international trade, and the industry is thought to be helping the fortunes of the UK's ailing economy.
The findings come in the latest edition of Motor Industry Facts, which also pointed out that the car industry had survived the worst effects of the economic downturn. In 2011, 1.47 million vehicles and 2.5 million engines were built in the UK.
The Society of Motor Manufacturers and Traders (SMMT) carried out the research and the organisation's Chief Executive, Paul Everitt, said the findings showed that motoring manufactur industry will continue to gain momentum in the upcoming years.
"2011 really was an exceptional year for UK automotive, with investment announcements creating a wealth of new opportunities throughout industry and at every level of the supply chain.
Utilising these prospects and attracting further investment will be key to our continued success in years to come and the government must use its upcoming Budget announcement to sustain and enhance the UK's position as an attractive place to invest.”
Car manufacturers have invested £1.3 billion in automotive research and development (R&D) each year, demonstrating their commitment to continued growth in the industry.
£150 billion will be spent on developing energy efficient, low and ultra-low carbon vehicle models over the next 20 years.
Cutting down on motor costs
Figures reveal that UK consumers keep investing in the motoring industry, despite the increasing effort and cost involved in maintaining a car.
Car insurance and fuel costs are rising every day, and shopping around has become a ‘must-do' for those drivers aiming to cut down their car costs.
Remember that some insurance companies refuse to insure cars which have had any type of modification such as additional windows or fibre glass panels. Many motor insurers on our standard insurance comparison service will cover cars with modifications – without asking for an additional premium.
Look online for the best car insurance quotes.