A £240m investment set to revitalise car production in Wales

The investment could help create 1,000 new jobs

 

The Welsh Automotive industry has received a £240 million investment from the Society of Motor Manufacturers and Traders (SMMT), it has been announced, meaning Wales will see the return of car production after a 43 year absence, creating hopefully a thousand new jobs.

A £200 million plant in Glamorgan has been revealed by Aston martin; a £30 million sports car facility has been announced by TVR; and Toyota have promised a £7 million investment to produce their next generation hybrid engines in the area.

Chief Executive of SMMT, Mike Hawes, said: “The recent investment announcements in Wales come as a welcome boost not just to the sector but to the local economy at a time of wider industrial uncertainty. Wales has a strong reputation for producing engines and will now become a global car producing destination.”

Recently disclosed figures for the first quarter of the year show that Wales does have a healthy presence in engine manufacturing. At the start of the year alone, Wales has produced over a third of the UK’s engines (34.4%) and been responsible for dispatching two out of every five engine exports.

Over 150 automotive component and system companies can be found in Wales, helping to generate £3 billion for the economy and keeping 18,000 people in employment.

Please follow this link to find out more about Flexed.co.uk ‘s car leasing services.