With successful tariff negotiations with the US now complete, the UK car industry has more reason to celebrate. AESC's gigafactory in Sunderland is set to receive a £1 billion investment, aimed at boosting the production of electric vehicle (EV) batteries.
- Job Creation: The investment is expected to support a workforce of 1,000.
- Production Capacity: Designed to produce batteries for up to 100,000 EVs annually.
- Operational Timeline: The factory is projected to be operational later this year.
- Capacity: Set to deliver 12 gigawatt-hours (GWh) of power.
- Banks: Standard Chartered, HSBC, and SMBC are among the financial backers.
- Equity: Additional funding comes from AESC, a Japanese battery manufacturer.
Chancellor Rachel Reeves noted that this investment:
- Promotes innovation and sustainability in transportation.
- Creates well-paying jobs in the North East.
- Follows closely on the landmark economic deal with the US, benefiting industry jobs.
Tim Reid, head of the UK's Export Finance, remarked:
- The project highlights the power of export financing to drive growth for British exporters.
- It supports the UK's position as a leader in EV battery production.
The £1 billion investment in Sunderland's gigafactory represents a major boost for the UK automotive sector, promising economic growth, job creation, and enhancing the UK's position as a leader in EV battery manufacturing.
