Joint venture aims to accelerate West Midlands Gigafactory plans

The joint venture behind the West Midlands Gigafactory plans, is set to accelerate the proposal in order to reduce barriers to investment and attract global investors.

After securing outline planning consent for the gigafactory in January, Coventry city council and Coventry Airport are attempting to ensure it can become operational as quickly as possible.

Works such as detailed designs for highway infrastructure and other technical work are being done to quicken the process.
 
A further £1m is set to be made available for the project. Half the total investment will be put forward by Coventry City Council and half by Coventry Airport Ltd.
 
The investment will also be used to market the opportunity across the world, with a focus on potential investors in China, South Korea, and the US.
 
When operational, the West Midlands Gigafactory will create around 6,000 jobs directly, deliver £434m in GVA per year to the West Midlands economy, alongside a £2.5bn investment.
 
Cllr Jim O’Boyle, the cabinet member for jobs, regeneration, and climate change at Coventry City Council said: “Since achieving planning consent for the West Midlands Gigafactory in record time, we know that we cannot stand still.
 
“The global market for battery manufacturing is accelerating at a rapid speed and if our site is to remain internationally competitive it is vital that we remove barriers to investment and minimise potential delays to construction so battery manufacturing can start as quickly as possible.
 
“This fresh funding will allow us to undertake the work needed whilst also enabling the Joint Venture partners to take the opportunity to the global market and potential investors across the globe.
 
“A gigafactory is vital for Coventry and the UK automotive industry and decisions need to be made now, by government and industry, if the industry is to have a viable future in the electric age.
 
“Given the clear economic rationale underpinning the West Midlands Gigafactory, the additional investment we are proposing will deliver significant long-term benefits for Coventry, Warwickshire, and the wider West Midlands.”
 
A final decision on the proposed funding will be made by Coventry City Council at a Cabinet meeting on 22 June.