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Nissan to build new models in Sunderland Nissan to build new models in Sunderland
(35 minutes later)
Nissan has confirmed it will build both the new Qashqai and the X-Trail SUV at its Sunderland plant thanks to government "support and assurances".Nissan has confirmed it will build both the new Qashqai and the X-Trail SUV at its Sunderland plant thanks to government "support and assurances".
The Japanese company's commitment to Britain's biggest car plant had been in doubt following the EU referendum.The Japanese company's commitment to Britain's biggest car plant had been in doubt following the EU referendum.
It comes as economic growth in the three months after the vote confounded expectations, growing by 0.5%.It comes as economic growth in the three months after the vote confounded expectations, growing by 0.5%.
That is slower than the 0.7% in the previous quarter but stronger than analysts' estimates of about 0.3%.That is slower than the 0.7% in the previous quarter but stronger than analysts' estimates of about 0.3%.
Nissan's decision is the first major development for the car industry since the Brexit vote and secures 7,000 jobs.Nissan's decision is the first major development for the car industry since the Brexit vote and secures 7,000 jobs.
A Nissan spokesman said making the X-Trail at Sunderland could lead to hundreds of new jobs being created in the coming years.A Nissan spokesman said making the X-Trail at Sunderland could lead to hundreds of new jobs being created in the coming years.
Mr Ghosn said he welcomed Prime Minister Theresa May's "commitment to the automotive industry in Britain". Carlos Ghosn, Nissan chief executive, said he welcomed Prime Minister Theresa May's "commitment to the automotive industry in Britain".
Last month, he warned that Nissan might not invest in the Sunderland plant unless the government guaranteed compensation for costs related to any new trade tariffs resulting from Brexit.Last month, he warned that Nissan might not invest in the Sunderland plant unless the government guaranteed compensation for costs related to any new trade tariffs resulting from Brexit.
Mrs May described the announcement as "fantastic news", adding: "This vote of confidence shows Britain is open for business."Mrs May described the announcement as "fantastic news", adding: "This vote of confidence shows Britain is open for business."
A Downing Street spokesman could not give any details of the government's promises to the company.A Downing Street spokesman could not give any details of the government's promises to the company.
Business Secretary Greg Clark said: "The fact Nissan have not only made a long-term commitment to build the next generation Qashqai and X-Trail at Sunderland, but decided to upgrade their factory to a super-plant, manufacturing over 600,000 cars a year, is proof of the strength of the sector."Business Secretary Greg Clark said: "The fact Nissan have not only made a long-term commitment to build the next generation Qashqai and X-Trail at Sunderland, but decided to upgrade their factory to a super-plant, manufacturing over 600,000 cars a year, is proof of the strength of the sector."
Analysis: Russell Hotten, business reporterAnalysis: Russell Hotten, business reporter
We don't know the details of the "support and assurance" that Nissan extracted from the UK government. But it was clearly enough to secure a commitment from Nissan to build not one, but two new cars at the Sunderland plant.We don't know the details of the "support and assurance" that Nissan extracted from the UK government. But it was clearly enough to secure a commitment from Nissan to build not one, but two new cars at the Sunderland plant.
The promise to shield Nissan from the impact of Brexit will not be lost on rival manufacturers, both those already in the UK as well as those that might be tempted to come.The promise to shield Nissan from the impact of Brexit will not be lost on rival manufacturers, both those already in the UK as well as those that might be tempted to come.
Will other carmakers with big investment decisions to make now favour Britain? It's possible - but now only after securing a few government guarantees.Will other carmakers with big investment decisions to make now favour Britain? It's possible - but now only after securing a few government guarantees.
The UK car industry has been vocal in warning about the impact of an exit from the single market.The UK car industry has been vocal in warning about the impact of an exit from the single market.
Although the cheaper pound makes their exports more attractive, a hard Brexit and the prospect of trade tariffs will add to their costs.Although the cheaper pound makes their exports more attractive, a hard Brexit and the prospect of trade tariffs will add to their costs.
It seems likely that the government has now promised some sort of financial support to cushion Nissan against such an impact. That will be controversial, of course. But once outside the EU, it won't necessarily be illegal.It seems likely that the government has now promised some sort of financial support to cushion Nissan against such an impact. That will be controversial, of course. But once outside the EU, it won't necessarily be illegal.
Building the X-Trail SUV is an unexpected addition to the model line-up at Sunderland, which makes almost one in three cars built in Britain and produced 475,000 vehicles last year - 80% of which were exported.Building the X-Trail SUV is an unexpected addition to the model line-up at Sunderland, which makes almost one in three cars built in Britain and produced 475,000 vehicles last year - 80% of which were exported.
The Sunderland plant opened in 1986 and has produced almost nine million cars over the past three decades.The Sunderland plant opened in 1986 and has produced almost nine million cars over the past three decades.
Export growthExport growth
Production of the next Qashqai model is expected to begin in 2018 or 2019.Production of the next Qashqai model is expected to begin in 2018 or 2019.
The UK's car industry is performing strongly, with almost 1.3 million vehicles produced in the nine months to September - a 10.5% increase on the same period last year. Mike Hawes, chief executive of industry body the SMMT, said Nissan's announcement was good news for the UK's automotive sector.
Mike Hawes, chief executive of industry body the SMMT, said on Thursday: "British-built cars are in demand across the world, as demonstrated by the double-digit growth in exports this year, resulting in more than a million cars produced for international markets. But he added: "We need government to provide public assurance to investors that our advantages will be maintained - namely, a competitive business environment, the ability to recruit talent from abroad and the continuation of all the benefits of the single market as we leave the EU."
"Future growth will depend on securing our international competitiveness and the barrier-free access to major global markets that has enabled UK Automotive to thrive." Figures released by the SMMT on Thursday showed the UK's car industry was performing strongly, with almost 1.3 million vehicles produced in the nine months to September - a 10.5% increase on the same period last year.
Just over one million vehicles were produced for export markets.