Plans for the £2.5billion West Midlands Gigafactory were approved this week. The new factory will provide 6,000 direct jobs in the UK and over 10,000 in the region. Due to the new gigafactory, the price of electric car batteries is set to plummet in the UK, as the Government looks to become a world leader in electric car production.
The factory will be built at Coventry Airport and has been supported by Warwick District Council.
The plan is also supported by Andy Street, the Mayor of the West Midlands, who previously claimed it would be “mission critical”.
It is hoped the new plant will provide electric vehicles from 2025 and will be a huge boost for the Government’s net-zero plans.
James Morris, a technology expert and editor of WhichEV, previously told Express.co.uk: “Everything shrinks, technology gets faster and cheaper all the time, but particularly batteries.
“What happens with these things is that when someone puts investment in to create the next generation of batteries, it is really expensive.
“But once you have paid it, you then see that what each one of these gigafactories will enable is a new generation of cheap supply.
“Once they have paid off the cost of making that really expensive factory, the price will plummet.
“In steps, they will get cheaper and cheaper. Every year there is going to be a new benchmark.
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The Japanese carmaker will build its new all-electric model at the site in Sunderland and will build an electric battery plant.
The expansion will cost £1billion and create 1,650 new jobs.
Despite fears Brexit may jeopardise the plant, Nissan’s chief operating officer, Ashwani Gupta, said the company sees the UK’s exit from the EU as an opportunity.
He said: “If it happens without any sustainable business case obviously it is not a question of Sunderland or not Sunderland, obviously our UK business will not be sustainable, that’s it.
“The key success factor for Brexit has always been trade friendly business conditions to sustain our business not only in the UK but in the whole of Europe and thanks to Brexit, Nissan is moving forward to use Brexit as an opportunity.”
UK company, British Volt will also build a gigafactory in Northumberland.