Honda is investing around £267 million at its Swindon plant in the United Kingdom to produce new models and engines, the carmaker announced during the unveiling of its new CR-V model. The £267 million investment is the biggest one that it has poured into a UK production base in over a decade. Honda expects to double last year’s production at the Swindon plant to 183,000 units by the end of 2012. Honda is aiming to increase that figure to 250,000 units per year, within three years. Honda’s investment plan benefits the UK balance of trade, as 60 per cent of the production is marked for export. The carmaker’s Swindon plant builds vehicles and engines for over 60 countries around the world, including Europe, Middle East, Africa and Australia.
According to Business Secretary Vince Cable, the planned £267 million investment in the UK is “great news” not just for the Honda’s Swindon plant, but also for the automotive sector.
Honda’s latest investment in the UK supports the Government’s goal to promote new investment and exports as a means to achieve renewed growth and a more balanced economy. Dave Hodgetts, Managing Director of Honda UK, remarked that the £267 million investment programme underscores Honda’s commitment to manufacturing in Britain and to its workforce in the country. The investment also reaffirms Swindon plant’s position as the keystone of Honda’s operations in Europe.