Richard McEvoy, area director for manufacturing in the North East at Lloyds Bank Commercial Banking

“The drive to create cleaner, lighter, more efficient vehicles is behind much of the new product development we have seen in the automotive industry over the past few years.

“Automotive firms in the North East are well equipped to meet this legislation. In our most recent automotive report, firms told us they plan to invest nearly £1 in every £5 of revenue in product development, paving the way for low carbon and electrical vehicle technology.

“It’s essential that businesses operating right across the automotive supply chain have the capital needed to invest in research and development. We’ll continue to support our customers in the sector as they invest in new technology ahead of 2040.”