We explore the road ahead for the UK auto industry, under threat from trade rules, higher costs, and fierce competition. As the sector switches to electric, we ask if Britain risks falling behind in the race to build EVs. “Bloomberg UK” focuses on the biggest economic, financial and political issues facing Britain. Hosted by Francine Lacqua, the program goes beyond the market moves with expert analysis and top interviews from the heart of London.
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The UK auto industry has always been a significant contributor to the country’s economy. However, with the rapid changes happening in the automotive sector globally, it is crucial to assess the future of this industry. Bloomberg UK held a show recently that discussed the potential for the UK Auto Industry, touching on various aspects that could impact its progression.
One of the primary concerns for the UK auto industry is the shift towards electric vehicles (EVs). EVs are a new emerging industry, and many countries have already taken steps to transition away from conventional cars. With the UK’s target of net-zero emissions by 2050, it is inevitable that the auto sector will have to adopt this transition to EVs to achieve those targets.
The guests on the show discussed the current facilities available in the UK and how well-positioned they are for the EV shift. Many of the existing facilities could be repurposed for EV manufacturing. But the UK needs to invest more in infrastructure to become a hub for EV manufacturing.
Another aspect that can impact the future of the UK auto industry is the supply chain. Brexit has caused many challenges in the supply chain, including disruptions in the movement of goods and services. The UK auto sector relies heavily on imported products, and there is a need for the UK government to look into measures that can reduce the risk of disruption in the supply chain.
Additionally, the guests on the show discussed how the UK could become a leader in autonomous vehicle technology. The country has a robust tech sector, and automotive companies can work in partnership with these tech firms to develop cutting-edge autonomous vehicle technology.
Finally, the show touched on the impact of the pandemic on the UK auto industry. The sector has faced unprecedented challenges due to the pandemic, including a decrease in demand and production disruptions.
In conclusion, the UK auto industry has a bright future, but there are many critical factors that need to be addressed to ensure long-term success. The industry needs to transition to EVs, improve infrastructure, reduce risk in the supply chain, and invest in autonomous vehicle technology. The government also needs to provide support to the industry to help it overcome challenges, such as those posed by Brexit and the pandemic. With the right approach, the UK auto industry can continue to contribute significantly to the country’s economy and become a leader in the global automotive sector.
Bentley is German not British. Name a global UK-owned car firm. Aston-Martin ? Loss-making. That's about it.
Doesn't have a future sorry and many know this already, enjoy while it lasts
The UK, and EU have agreed to commit suicide for their master the USA. Many of the EU nations will fall deep into an economic crisis..starting with Germany
I can't believe the UK quit the union. Looks like the older citizens decided the future of the young people. That should not stand, the UK belong in Europe and the old people who voted out belong in the grave. I was reading an article not long ago, it was saying that about 6% of the leave voters have already died of old age… crazy….
2:23 How come this is an EU and UK problem? The EU can easily meet this requirement, but the UK does not. Therefore EU manufacturers can export their cars to the UK tariff-free, but the same can't be said about UK car manufacturers exporting to the EU. Therefore this is a win for the EU and a big loss for the UK.
what future ?
The EU always protects its markets. A 10% tariff will not be enough to stop Chinese cars so Europe will have to get creative on trade barriers.
Luckily Europe are very good at that.
I forgot the UK even had one