Britain may overtake France as Europe’s second largest automotive producer within the next five years if UK car sales and exports maintain current strong growth, industry executives said.

Nissan, BMW’s Mini brand and Jaguar-Land Rover are among automakers exporting vehicles from their factories in England.

“You could see it happening (UK overtaking France) if UK plants are at full capacity, which they are not far off being,” said Nissan’s executive vice president Andy Palmer.

Nissan’s Sunderland factory in northeast England is operating at close to full capacity, while production at the Mini factory in Oxford, south England, is on the rise, helped by growing demand for British-built cars in emerging markets.

“All the indications appear to be saying ‘yes’ Britain will be second in a few years,” Tim Abbott, managing director of BMW’s UK operations said on the sidelines of the SMMT automotive conference in London on Thursday.

Last year 1.5 million cars were produced in Britain, compared with 1.9 million in France, according to European car industry association ACEA. However, volumes are slipping in France, largely down to slowing sales at PSA/Peugeot-Citroen and Renault.

BMW’s Abbott said the output from Britain’s eight main car plants could hit 2 million by 2018, ahead of the previous record of 1.92 million vehicles set in 1972. Europe’s biggest producer, Germany, built 5.5 million vehicles last year.

Last year, 82 percent of the cars made in the UK were shipped overseas, according to the SMMT, with emerging markets now accounting for a third of the total.

Nissan’s Palmer said Britain needed to persuade more of the world’s biggest automakers and suppliers to base their operations in the UK to unlock further growth.

Ex-Ford exec’s key role

Britain took a step towards that goal on Thursday when British business secretary Vince Cable announced the creation of the Automotive Investment Organisation (AIO), which will be funded with up to 3 million pounds ($4.70 million) over the next two years.

Led by Joe Greenwell, the former chairman of Ford in Britain, the IAO will seek to implement the government’s automotive industrial strategy, which is due to be released shortly.

Demand for new cars in recession-hit Europe fell to a 17-year low last year as euro zone unemployment reached record highs, credit dried up and households focused on repaying debt.

Britain has been the region’s only bright spot delivering 15 straight months of growth in car sales.