A new, ambitious plan by the Society of Motor Manufacturers and Traders (SMMT) to safeguard the future of the EV industry has been laid out in the ambitious plan, Full Throttle: Driving UK Automotive Competitiveness’.
The SMMT plan, lays out a number of ambitious policy recommendations for the remainder of this decade and the upcoming year, covering all crucial areas for the competitiveness of the automobile sector. The diversity of its businesses, innovation, engineering excellence, highly skilled workforce, and the strength of the UK market are just a few of the UK industry’s many strengths. However, the global industry is fiercely competitive, so weaknesses must be addressed if long-term success and the benefits that come with it are to be ensured.
The report states that the largest problem facing the industry is the transition to electric vehicles. The report argues for a legally binding goal of 60 GWh of battery capacity to be produced by 2030, though the government is currently collaborating with business to bring more battery production to the UK. These “gigafactories” would enable British automakers to build as many as one million electric vehicles annually and guarantee tariff-free access to important EU markets.
Finally, the paper recommends installing a minimum of 2.3 million charging stations around the country before the end of 2030 in order to assist market transformation. All drivers, especially those without driveways, would be assured to have the confidence to invest in the newest zero emission technologies, which will not only support a healthy domestic vehicle market but also support mass market manufacturing in the UK and enable the nation achieve its climate change and air quality goals.
In “Full Throttle: Driving UK Automotive Competitiveness,” 12 policy recommendations are presented. If taken together, they will put the UK economy on a path for growth while fostering enterprise, innovation, and productivity that will benefit the entire society. If not, the industry runs the risk of slipping behind, resulting in decreased production, lost jobs, and economic harm in the automotive industry as well as the many other industries it supports, such as banking and advertising as well as chemicals and steel.
You can read more about the SMMT plan for the EV industry here: https://www.smmt.co.uk/reports/full-charge/
