【Unlocking Word Meanings】
Read the following words/expressions found in today’s article.
1. record / ˈrɛk ərd / (adj.) – describing something that has surpassed expectations
Example: A record number of people came to the store opening.
2. automotive / ˌɔ təˈmoʊ tɪv / (adj.) – related to the industry of designing, making, and selling cars and other vehicles
Example: The country is known for manufacturing high quality automotive parts.
3. traction / ˈtræk ʃən / (n.) – interest or acceptance that leads to the success of something
Example: After being accused of selling faulty products, the company lost traction in the market.
4. yield / yild / (v.) – to generate
Example: The company yielded $2 million due to its successful marketing initiatives.
5. turnover / ˈtɜrnˌoʊ vər / (n.) – the total amount of sales of a company’s goods or services over a period of time
Example: The company’s annual turnover is almost $5 million.
Read the text below.
The United Kingdom exported a record 1.2 million cars in just 11 months last year.
Car manufacturers in the United Kingdom attributed the growth to the low value of the pound, coupled with the country’s access to the European Union (EU) Single Market. The country’s involvement in the Single Market allows it to trade vehicle parts and cars to other EU members tax-free.
For years, countries in the EU have been the leading market for the UK automotive industry. However, in recent years, UK-built vehicles have also gained traction in international markets such as the United States, Australia, South Korea, and Japan. Because of the surge in demand, the country’s total car production increased by 9.6% last year, the highest level since 1999.
The automotive industry is considered an important part of the country’s economy. Overall, car makers that own factories in the country such as Nissan, BMW, General Motors, and Honda provide jobs for almost one million people. In addition, the industry yields a turnover of billions of pounds annually.
However, despite the industry’s period of strength last year, car makers have expressed their concerns over the United Kingdom’s decision to leave the EU. The Society of Motor Manufacturers and Traders, an organization that oversees UK car trade, warns that the industry might suffer from high tariffs amounting to £4.5 billion, or over $5 billion every year, if the country loses its access to the Single Market. UK car manufacturers would also have limited access to millions of potential customers across Europe.
Nevertheless, George Osborne, a former chancellor of the United Kingdom’s national treasury, is hopeful that with the support of the government, the UK automotive industry can survive the economic change.
Enjoy a discussion with your tutor.
· In your opinion, how can the United Kingdom keep consumers abroad interested in their cars?
· Do you think that an increase in price would discourage foreigners from buying good quality UK cars? Why or why not?
· How important is it for a country to have good export?
· What do you think are your country’s best export goods? Discuss.