Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Chinese EV battery maker in talks to invest £1bn in new Coventry gigafactory

by March 25, 2024
March 25, 2024
Chinese EV battery maker in talks to invest £1bn in new Coventry gigafactory

Chinese electric vehicle battery manufacturer EVE Energy is reportedly in discussions to invest over £1 billion in constructing a massive new gigafactory on the outskirts of Coventry.

The proposed factory, spanning 5.7 million square feet, would be a key component of the planned UK Centre for Electrification in the West Midlands region.

The investment could lead to the creation of up to 6,000 jobs and would involve collaboration with local councils and Coventry airport, where the facility is set to be located. EVE Energy is considering an initial investment of £1.2 billion for the project, with potential expansion in subsequent phases.

This development follows Tata Group’s commitment last year to invest £4 billion in building an electric car battery gigafactory in Somerset, UK, which is expected to generate 4,000 new jobs. The West Midlands, home to various car manufacturing facilities and the UK’s largest battery research center, is positioning itself as a hub for EV battery production and innovation.

The Coventry gigafactory project could attract additional private funding totaling up to £2 billion, contingent on securing substantial subsidies from the UK government. Discussions with potential investors, including leading Asian battery manufacturers, have been ongoing since October 2023.

While the project’s spokesperson confirmed discussions with global battery manufacturers, specific details remain confidential. The government reiterated its commitment to supporting automotive manufacturing in the UK’s transition to electric vehicles, emphasizing responsible use of taxpayer money.

EVE Energy has not yet commented on the reported investment talks.

Read more:
Chinese EV battery maker in talks to invest £1bn in new Coventry gigafactory

0
FacebookTwitterGoogle +Pinterest
previous post
Traveling with Medical Cannabis: Tips for International Patients
next post
Labour unveils floating wind farm plans to boost energy security

You may also like

Bezos readies UK satellite broadband to rival Musk

January 5, 2025

Government announces £600,000 of new compensation for every...

September 18, 2023

Taxpayers could lose £100m as HS2 land no...

October 20, 2023

How to Export Apple Mail (MBOX) to Outlook...

November 8, 2022

Growing a Faceless Video Channel on Instagram: How...

August 12, 2024

Cybersecurity specialist RiverSafe announces expansion plans as revenue...

May 16, 2023

UK Car Insurance Costs Surge by over a...

April 8, 2024

Interest rate rises to 3 per cent after...

November 3, 2022

A guide to the new legal duty on...

October 4, 2024

Getting To Know You: Zoë Scorer, MD, Conscious...

July 23, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved