Automotive industry uk economyNowadays, the EU and UK automotive industries are closely integrated from the economic, regulatory and technical points of view. In the media, GE has been referred to as a “captain-of-industry university” or “the leadership factory” in recognition of its potential to generate exceptional leaders who went on to became CEOs at other Fortune 500 organizations. Analysts acknowledged the reality that GE went far beyond imparting conventional education. It ‘nurtured talent’ to bring out the latent possible in its staff via correct grooming.
That brings yet another difficulty into the spotlight: beneath ‘rules of origin’, present free of charge trade agreements stipulate that regional content have to reach 60 per cent. If UK car companies are not permitted to include EU parts in their figures, exports would most likely fall automatically beneath the larger tariffs prescribed by the Globe Trade Organisation – adding significant costs to an market that exports upwards of 75 per cent of its cars.
Although several producers are eagerly awaiting the government’s plans for Brexit, there is nevertheless good news for the business. For instance, 25,000 jobs are expected to be developed in automotive manufacturing to develop connected and autonomous cars. As soon as much more, according to a report by KPMG, the automotive industry could create £74bn for the UK economy by 2035 if it embraces and invests in digital technologies, which includes robotics, artificial intelligence, and 3D printing.
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