The SMMT has praised George Osborne’s support of innovation in transport solutions in his Autumn Statement.
The organisation said that the chancellor’s a long-term industrial strategy to support the UK automotive industry and pioneer future technologies was “encourgaing.”
A statement issued by the SMMT added: “We were pleased to see the Chancellor heed SMMT’s call for increased investment in Catapult Centres and the extension of funding for the Advanced Propulsion Centre (APC) – both of which are vital to securing the UK’s position as a global centre of excellence for innovation.
“Meanwhile, the renewed support for ultra low emission vehicles (ULEVs) will help maintain the UK’s position as Europe’s fastest growing market for these new technologies.”
Catapult centres are a network of world-leading centres designed to transform the UK's capability for innovation in seven specific areas and help drive future economic growth.
The SMMT recently recognised the projects’ innovations by awarding its sixth Automotive Award for Innovation to the LUTZ Pathfinder project, which has seen the development of driverless, electric powered transport pods.
The APC, meanwhile, was formed in 2013 and is a £1 billion, ten-year commitment between government and the automotive industry to pioneer new engine and propulsion technologies.