Ford to invest around $ 300 million to manufacture electric car parts at UK factory

LONDON, Oct. 18 (Reuters) – Ford (FN) on Monday announced it would invest up to 230 million pounds ($ 316 million) to manufacture components for electric cars at its plant in Halewood, in northern LONDON. ‘England.

The plant will produce around 250,000 power units per year from mid-2024, the first in-house European site to manufacture electric vehicle parts for Ford, which has pledged its car lineup for the continent. be fully electric by 2030.

The government is helping investment through its Auto Transformation Fund as brands step up electrification plans ahead of the combustion engine ban and countries compete for jobs.

Register now for FREE and unlimited access to reuters.com

Register now

The UK government has tended to provide around 10% of the total value of investments to auto companies.

“This is an important milestone, marking Ford’s first internal investment in the manufacture of all-electric vehicle components in Europe,” said Ford of Europe President Stuart Rowley.

The automaker also has a transmission plant in Cologne, Germany. Halewood, which employs approximately 500 people, was chosen because of “its excellent track record of quality, competitiveness and a strong base of skills and employee engagement,” said Ford.

Nissan (7201.T) pledged in July to invest more in Britain with a new battery plant and Stellantis (STLA.MI) said less than a week later that its plant in Vauxhall Ellesmere Port would build electric vans.

Following the UK’s Brexit vote in 2016, many in the auto industry were concerned about trade barriers, but the December 2020 exit deal between London and Brussels guaranteed zero-tariff access for the sector , subject to a minimum level of parts from the region.

“In this highly competitive global race to secure the manufacture of electric vehicles, our priority is to ensure that the UK reap the benefits,” said Minister for Business Kwasi Kwarteng.

($ 1 = 0.7273 pounds)

Register now for FREE and unlimited access to reuters.com

Register now

Reporting by Costas Pitas Editing by Frances Kerry

Our standards: Thomson Reuters Trust Principles.


Source link

Comments are closed.