The UK Government has announced a £4.5bn funding programme for investment in UK strategic manufacturing sectors, of which over £2bn is earmarked for the automotive industry.
The funding will be available from 2025 for five years, providing industry with longer term certainty about their investments.
The UK Government said the funding will help ensure that the UK remains at the forefront of the global transition to net zero and can ‘seize growth opportunities in the new green economy’. In automotive, the funding is expected to support the manufacturing, supply chain and development of zero emission vehicles (ZEVs).
CT Automotive plc (LON:CTA) designs, develops and manufactures automotive interior finishes and complex kinematic assemblies for the most well-known automotive brands on the planet. These critical components are managed through an intricate global network of reactive supply chains to arrive JIT (Just in Time) at their respective OEM manufacturing plants.