Date: March 25, 2024. — A Chinese electric vehicle (EV) battery manufacturer is reportedly in discussions to invest £1 billion in a new gigafactory in the UK, which could potentially create up to 6,000 jobs. The proposed plant is expected to be located on the outskirts of Coventry and is part of the planned Centre for Electrification.
EVE Energy, the company in question, is reportedly seeking a £1.2 billion initial investment to build a 5.7 million square foot gigafactory. This facility would be a key component of the UK Centre for Electrification, an investment zone in the West Midlands.
Private capital could potentially invest up to £2 billion in the Coventry gigafactory, but substantial UK government subsidies will likely be necessary to secure the investment. The West Midlands already has multiple automobile manufacturing facilities, as well as the UK Battery Industrialisation Centre, the country’s largest battery research facility.
This development comes after Tata Group, the owner of Jaguar Land Rover, pledged £4 billion last year to establish an electric car battery gigafactory in Britain. EVE Energy’s new plant would be roughly twice the size of Nissan’s electric battery manufacturing in Sunderland.
The UK government has expressed its determination to ensure that the country remains a prime location for automotive manufacturing as it transitions to electric vehicles. However, the government has also emphasized the need for responsible use of taxpayer money and ensuring it provides the best value.
