Trade Resources Company News UK Unveils £390m of Funding for Autonomous Vehicles

UK Unveils £390m of Funding for Autonomous Vehicles

The UK Government has unveiled £390m of funding to support the development of low emission vehicles and autonomous vehicles.

The announcement was part of UK finance minister Philip Hammond's first budget speech in the Parliament.

He also announced support for electric vehicle (EV) infrastructure.

The government is planning to provide 100% first capital allowance for installing EV charging infrastructure.

In the UK, the sales of electric vehicles account for just 1% of the automotive sales. This is attributed to the lack of electric charging infrastructure in the country and also due to high price of the vehicles.

The government plans to change the situation with new investment and incentives.

Recently, Nissan said that it would build two new models in the UK, even after the country voted in favour of Brexit.

Automotive News Europe reported that Nissan was in discussions with the UK government on how to support electric vehicles in the country.

The funding that the government intends to provide is to encourage technology and automotive firms to develop and test electric and autonomous vehicles in the country so that they can tap into an industry which could be worth about £900bn by 2025.

The Society of Motor Manufacturers and Traders (SMMT) in the UK responded in a positive manner about the Hammond’s announcement.

SMMT CEO Mike Hawes said: “SMMT welcomes the government’s commitment to improving infrastructure and investment in R&D, an area in which UK automotive punches above its weight.”

“One of the main areas in which UK Automotive is playing a leading role is the development and introduction of low emission and connected and autonomous vehicles.

“The Chancellor’s announcement of £390m will help promote our competitive advantage in these fields.”

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