Sunderland Gigafactory gets £ 1 billion for UK electric vehicle growth

The British car industry has received a boost with the announcement of an investment of $ 1 billion ($ 1.3 million) in Gigafactory in Sunderland.

The installation will make batteries for electric vehicles, supporting the production of up to 100,000 electric vehicles (EVs) (EVs).

This development will be created 1,000 jobs, improving the capacity of the United Kingdom six times.

In a reference transaction, the Wealth National Fund and the United Kingdom Export Finance have provided financial guarantees, unblocking 680 million pounds in banks financing, including Standard Charterated, HSBC, SMBC Group, Society General and BBVA.

This funding will cover the construction and operation of the new plant.

About 320 million extra pounds guaranteed through private funding and a new net equity.

The Automotive Transformation Fund of the United Kingdom also provides £ 150 million in financing of subsidies to support this initiative.

This investment is aligned with the Government Change Plan, with the aim of making the United Kingdom more competitive worldwide and advanced its position as a superpower of clean energy through innovation in the automotive industry.

The United Kingdom Chancellor of Exchequer Rachel Reeves said: “ We go more and faster to promote the resilience of our industries and foster its growth as part of our change plan, and this investment follows the heels of the US milestone economic agreement with the United States, which will save thousands of jobs in the industry.

“This investment in Sunderland will not only increase innovation and accelerate our transfer to more sustainable transport, but will also provide well-paid jobs in the northeast, bringing more money to people’s pockets.”

The recent United Kingdom-U.S. Commercial Agreementwhich reduces car export rates from 27.5% to 10% for a fee of 100,000 cars in the United Kingdom, further supports this growth.

It is expected that this reduction saves the companies of vehicles several millions of pounds, achieving highly qualified jobs in industrial areas such as Sunderland.

Shoichi Matsumoto, CEO of the Japanese headquarters of AESC, added: “This investment marks a key milestone in the ongoing efforts of AESC to support the United Kingdom path towards the decarbonization and expansion of its EV market.

“Through close collaboration with strategic partners, we strive to accelerate this transition while creating high quality local jobs and construct a sustainable and resistant supply chain.”

“The Sunderland Gigafactory gets 1 million pounds for the growth of the United Kingdom electric vehicle,” was created and published originally Automatic onlya brand of Globaldata property.

The information on this site has been included in good faith for general informative purposes. It is not intended to achieve the tips on which you must trust, and we do not give any representation, guarantee or guarantee, whether it is express or implicit of its accuracy or integrity. You need to obtain professional or specialized advice before taking or abstaining from any action based on the content of our site.