The UK is reportedly on the verge of finalising a deal to construct a multi-billion pound electric vehicle (EV) battery factory.
The factory, expected to be a gigafactory for Jaguar Land Rover (JLR), is likely to be built at the Gravity business park in Somerset, according to sources.
The proposed gigafactory holds the promise of creating up to 9,000 jobs and bolstering the local economy.
This development comes as the automotive sector seeks to transition to EVs and secure a strong position in the global market.
The news arrive in the wake of Britishvolt’s collapse into administration last year, which dashed hopes for an independent battery plant in the country.
Discussions between the British government and Tata, the owner of JLR, are reportedly in advanced stages.
However, competition for the location of the battery plant remains intense, according to reports.
Tata is presently evaluating whether to establish its battery plant in the UK or Spain.
The attractiveness of the UK lies in the subsidies and financial incentives offered by the government, which may sway the decision in favour of the UK.
As the UK strives to accelerate the adoption of EVs and achieve its net zero emissions targets, the establishment of a gigafactory is expected to play a pivotal role.