- July 1, 2021
- Posted by: Stratford Team
- Category: Business
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Japanese car giant Nissan has unveiled plans for the UK’s first “gigafactory” producing batteries for electric vehicles, in a £1bn investment plan that secures the future of its Sunderland car plant.
The move is a boost for the North East, and the UK’s car industry as it tries to move from internal combustion engine to electric vehicles, in the push towards net zero.
Nissan has announced that will invest £423m in the Sunderland plant, to produce a new-generation all-electric crossover vehicle, creating 750 new jobs.
And its Chinese partner, battery producer Envision-AESC, is spending £450m building a battery factory next door, which will deliver electric power packs to power the vehicles, creating another 900 roles.
Sunderland council is also onboard – leading an £80m plan to create a “microgrid” of…
