Brexit Britain's Triumph: Nissan's £2billion Investment Signals Major Shift

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【Summary】Nissan's £2 billion investment in its Sunderland electric car plant has been hailed as a Brexit success, with the company stating that the impact of leaving the EU has been "negligible". The investment will triple Nissan's funding in the UK and will include the production of two new electric vehicle models. This announcement has been praised by Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt, who believe it will secure the future of the British car industry.

FutureCar Staff Nov 27, 2023 8:16 AM PT

Brexit Britain's Triumph: Nissan's £2billion Investment Signals Major Shift

The recent £2 billion investment from Nissan has been hailed for its positive impact on Brexit, with the Japanese brand stating that the consequences of leaving the European Union have been minimal.

Nissan, a leading car manufacturer, made headlines last week by announcing a significant £2 billion funding boost for its Sunderland electric car plant, effectively tripling its investment in the UK.

As part of this new investment, Nissan has plans to manufacture two new electric vehicle models in the UK, namely the Qashqai and Juke. This is in addition to the already announced production of the all-electric Nissan Leaf in 2021 and the £1 billion electric vehicle hub.

Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt have both praised this investment, emphasizing that it will safeguard the future of the British car industry. This announcement comes after concerns were raised that Nissan might leave the UK in the aftermath of the Brexit referendum.

Many people were apprehensive that the UK's historic vehicle manufacturing industry would collapse due to trade deal complications following Brexit. However, Nissan executives have now stated that the impact of Brexit was exaggerated, with the company's CEO confirming that the UK will remain its European hub for the foreseeable future. Makoto Uchida, the CEO, expressed his surprise at the question of "why UK?" and praised the talent and capabilities of the UK workforce. Commentators such as Andrew Pierce and Richard Tice have hailed this news as a positive outcome of Brexit, with Tice referring to it as a "Brexit bonus."

According to data from the Organisation for Economic Co-operation and Development (OECD), the UK's car manufacturing industry has remained relatively stable compared to other major manufacturing countries like France, the United States, and Germany. Some experts attribute this stability to the impact of Brexit, suggesting that the depreciation of the sterling has enhanced the competitiveness of UK production.

Overall, the £2 billion investment from Nissan is seen as a significant boost for the UK's car industry and a testament to the country's post-Brexit prospects.