The commitment is backed by 27 companies in the sector, including supply chain companies, and is expected to secure at least 30,000 jobs.
This is part of a strategy for the UK to secure the future of the industry over the next 20 to 30 years by growing the UK share of the value chain.
The money will be spent on the APC over the next 10 years to research, develop and commercialize the technologies for the vehicles of the future.
Supply chain is a key theme, and government and industry are focusing on working together to grow the UK supply chain and win more overseas business.
Mike Baunton, SMMT interim chief executive said: "In partnership with government, we have now developed a road map to secure further long-term growth that is detailed in the strategy document launched today. Our goals are to grow vehicle production and component supply with more investment, jobs and advanced technology developed in the UK."
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