Dead end for carmakers?

The British automotive industry could be the next victim of rising energy prices.

New reports from the Society of Motor Manufacturers and Traders (SMMT) displays firms face a £90m boost in their energy bills this year as prices climb by a staggering 50 percent.

The report implies the UK electricity costs are the most costly of any of the EU automotive manufacturing country and 59 percent greater than the European moderate amount.

The previous year, UK producers could have secured nearly £50m if they were purchasing energy in the EU rather than the UK, the industry body has stated.

“Help with energy costs now will help keep us competitive and be a windfall for the sector, stimulating investment in innovation, R&D, training – all reinvested in the UK economy, Mike Hawes, SMMT Chief Executive, stated.

“With the right backing this sector can drive the transition to net zero, supporting jobs and growth across the UK and exports across the globe.”

Dead end for carmakers?

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