Joe Greenwell, former Ford chairman, has been appointed chief executive officer of a new Government approved organisation which is focussed on attracting investment to the UK automotive industry.
The Automotive Investment Organisation (AIO) has been set up by Business Secretary Vince Cable and is funded with up to £3 million over the next two years.
The automotive sector is one of 11 key areas the Government says it is working collaboratively with on a long-term plan to deliver economic growth and prosperity.
The AIO will be led by UK Trade & Investment (UKTI), and will take strategic direction from the Automotive Council, to develop a strategy to repatriate the supply chain and build on the opportunities identified in the UK.
A report published by the Automotive Council in 2012 found that there was an additional £3 billion of new business that could be won by UK suppliers and overseas companies looking to set up or expand manufacturing facilities in the UK.
Cable said: “On average only a third of the parts that go into cars manufactured here are sourced from the UK.
"We know that global manufacturers in the UK want to buy more from the UK.
“As the former chair of an automotive company, Joe Greenwell brings all the experience that the AIO needs.
"He will help to build on the success of the unprecedented investment we have seen in the UK automotive sector and encourage a more extensive supply chain.”
Greenwell said: “I have worked in the automotive industry for many years so I understand the challenges of maintaining the levels of success we’ve seen recently in the auto sector.
“As head of the AIO, my job will be to promote why the UK is a great supply chain investment opportunity, increase R&D investment and strengthen our relationships overseas with global manufacturers.”