The race towards fully electrifying our roads is on, and the UK has announced one of the most ambitious plans for replacing conventional vehicles with electric vehicles (“EVs”). The UK government has announced that it plans to bring forward its ban on the sale of new internal combustion engine vehicles from 2040 to 2030 as it looks toward becoming a net-zero economy. As such, numerous regions have been vying for the honor of hosting the UK’s first gigafactory, which will manufacturer electric vehicle batteries.
First popularized by American EV maker Tesla, a gigafactory is a large manufacturing facility that can produce up to 15GWh per year. Such factories can ease the transition from internal combustion-engined vehicles to electric vehicles by producing battery cells and packs to power the EVs. With the UK government pledging to contribute as much as £1bn ($1.33bn) to an automotive transformation fund, the country may have enough gigafactories to support full EV adoption.
However, despite hastening its plans to ban the sale of new internal engine vehicles and pledging funds to help the transition, the UK government hasn’t said how these funds will be used. According to an inside source, two serious investors are in discussions with the authorities, and one potential plan would involve a joint venture between European and British companies. With major automakers in the UK such as BMW, Nissan, and Jaguar Land Rover being pressured to switch from internal combustion engines to electric powertrains, the auto industry is impatiently waiting for the government to make a commitment.
According to a business department spokesman, the government recognizes the need for a “robust battery supply chain” if the country is to achieve full EV adoption within the given timeline. As such, securing investment for gigafactories is a top priority. Julian Hetherington, director of automotive transformation at the Advanced Propulsion Center (“APC”), says demand for EV batteries will go up as more automakers go electric. That upward movement will help secure investments for gigafactories. Predictions put the UK industry’s energy needs at 60 gigawatt-hours a year, meaning the country will need four gigafactories to meet the demand.
As the 2030 ban on the sale of fossil fuel vehicles draws closer and automakers such as Bentley unveil plans to electrify their entire line-up, the need for gigafactories will grow even greater. A single gigafactory can avail thousands of jobs — Tesla’s Nevada facility has around 7,000 employees — and plenty of regions want in on that action. South Wales, the West Midlands and the northeast of England have all thrown their hats into the ring. On top of creating plenty of jobs, a gigafactory would greatly boost the UK’s struggling automotive sector.
The EV sector across the globe is seeing a flurry of activity as many companies hope to capitalize on the wave bringing electric vehicles to the mainstream. One of the noteworthy entities you should follow is Net Element (NASDAQ: NETE). The global financial solutions firm recently announced a merger with a California-based EV maker called Mullen Technologies Inc.
About Green Car Stocks
Green Car Stocks (GCS) is a specialized communications platform with a focus on electric vehicles (EV), as well as other emerging market opportunities in the green sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled visibility, recognition and brand awareness. GCS is where news, content and information converge.
To receive SMS text alerts from Green Car Stocks, text “Green” to 21000 (U.S. Mobile Phones Only)
For more information, please visit https://www.greencarstocks.com
Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.greencarstocks.com/Disclaimer
Green Car Stocks
Los Angeles, CA
www.greencarstocks.com
415.949.5050 Office
[email protected]
Green Car Stocks is part of the InvestorBrandNetwork.
