Government shows off £1bn investment in future car

12 July 2013

car crash The Government and the car industry are going to invest £1bn over the next 10 years in some research centre to develop the "car of the future". This seems a bit frivolous, but it will create and secure the jobs of 30,000 people.

A group of 27 companies and the government will each invest £500m in an Advanced Propulsion Centre to research low-carbon technologies.

"The UK automotive sector has been incredibly successful in recent times, with billions of pounds of investment and new jobs," Business Secretary Vince Cable said at the Goodwood Festival of Speed.

"With the next generation of vehicles set to be powered by radically different technologies we need to maintain this momentum and act now. Our industrial strategy will ensure we keep on working together to make our automotive industry a world leader."

Not only that, the Automotive Council (co-chaired by Cable and Professor Richard Parry-Jones) is hoping to recruit more than 7,600 apprentices and 1,700 graduates over the next five years.

Prof Parry-Jones said: "Businesses prefer consistency, stability and a clear path to the future in order to make investment plans.
"'Driving Success', the automotive industrial strategy, sets out how industry will work together with government over the next 20 or 30 years. This is critical to sustaining and growing a thriving UK automotive sector in a highly competitive global industry."

These cars better have robot pilots or have the ability of flight.

TOPICS:   Banking   Motoring

12 comments

  • haggis
    So what this actually means is that the government is giving a £500m grant to these companies. It's only investment if the taxpayer gets something in return Mof, and you can bet your right ball that we won't be seeing any of the profits from this venture!
  • Chewbie
    Flex wit da erb
  • Alan
    If “The UK automotive sector has been incredibly successful in recent times, with billions of pounds of investment and new jobs,” why do they need our taxes?
  • fibbingarchie
    Investment can lead to gains in efficiency and productivity etc which the whole economy will benefit from. However, the private automotive sector has enough incentive to be carrying out the investment and research off it's own back. The govt needs to stop trying to pick winners.
  • Tom
    27 companies and the government will each invest £500m So you're saying 28 * 500m = 1bn? Good maths.
  • haggis
    @ Tom No, the 28 companies will invest £500m between them and the government will invest £500m. So 28 massive companies will each invest just under £2m each. Socialism for the rich as usual.
  • fibbingarchie
    It's THE GROUP of 27 and the govt who are each investing £500. There is no maths issue there, just poor reading comprehension.
  • Matt
    Didnt Homer Simpson already design the Car of the Future?
  • Richard M.
    Well hang on a minute, what about all the dosh already invested in electrically powered vehicles. Wasn't that supposed to be the fuel of the future? Mind you, I knew that was a non-starter due to poor range, lack of charge facilities, battery life and the cost of the vehicles. At the last count electric vehicle registrations had only just struggled to top 1,000 units in total in the UK.
  • shiftynifty
    Yeah Electric Cars...whatever happened to them.....
  • JonB
    @haggis "So 28 massive companies will each invest just under £2m each." Erm, 28 x £2 million = £56 million. The 27 companies are actually investing around £18.5 million each, on average, which is not inconsiderable.
  • JonB
    @Richard Malin & @shiftynifty Tesla electric cars in the US seem to be doing very well for themselves at the moment.

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