Vehicles of the future get £130 million investment

April 23, 2014 7:30 AM
Originally published by UK Liberal Democrats

Vince Cable has announced £133 million of new investment into projects that will put Formula One technology into buses and diggers, developing the next generation of engines. These projects will provide both economic and environmental benefits.

Investment will go into the research and development into technologies for the vehicles of the future. This has the potential to secure up to 30,000 jobs currently linked to producing engines and it will create many more in the supply chain.

The winning projects include Ford, GKN, Cummins and JCB, which have all received funding for projects to improve fuel efficiently and reduce carbon emissions.

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Vince Cable commented:

"Over the last few decades the British car industry has been transformed and today a new vehicle rolls off a UK production line every 20 seconds.

"To capitalise on the success of our motor industry these projects will be the first of many to receive funding from the new £1 billion Advanced Propulsion Centre (APC) which we set up to turn technologies into products. The Government's industrial strategy is giving business the confidence to invest securing high skilled, long term jobs and a creating a stronger economy."