"As always, the devil will be in the detail, but the industry can seize new international opportunities if the deal reduce tariffs and other barriers to trade and enable good market access.”

He added: “The Government has backed Britain’s automotive industry, not least by securing the crucial trade deal with Europe – the Trade and Cooperation Agreement (TCA).

"To take advantage of opportunities, the provisions agreed in the TCA must be delivered in full, new trade deals secured, along with workable rules of origin to secure tariff-free trade, thereby opening up access to new growth markets."

Globally, the car industry has been struggling since the pandemic due to a shortage of semiconductors which are vital in various areas of production from dashboard displays to emergency brake systems.

Read More