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U.K. Lures £450 Million in Auto-Related Foreign Investment
The British government's Automotive Investment Organization has attracted foreign investments in 80 projects worth €563 million over the past 12 months, according to the Financial Times, which cites internal documents.
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The British government's Automotive Investment Organization has attracted foreign investments in 80 projects worth €563 million over the past 12 months, according to the Financial Times, which cites internal documents. Results are nearly 40% greater than expected.
But the FT says most of the investments came from carmakers with assembly plants in the U.K., not suppliers to those plants. The newspaper figures only one-third of the parts used in locally assembled vehicles come from local suppliers less than half the proportion of average local content among carmakers in Germany.
The AIO hopes to eventually lure 3 billion (€3.8 billion) in new auto-related business to the U.K. in the form of foreign-owned facilities and contracts for British suppliers.
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