Jaguar Land Rover-owner Tata Group has announced plans to invest £4 billion in an electric car battery plant in the United Kingdom. The landmark project marks one of the largest investments in the country’s automotive industry to date.
Tata Group’s first gigafactory outside India, includes an investment of £4 billion ($5.2 billion), the company said. The factory will supply JLR’s future battery electric models, including the Discovery, Defender, Range Rover, and Jaguar brands
Jaguar Land Rover-owner Tata Group has announced plans to invest £4 billion in an electric car battery plant in the United Kingdom. The landmark project marks one of the largest investments in the country’s automotive industry to date.
Tata Group’s first gigafactory outside India, includes an investment of £4 billion ($5.2 billion), the company said. The factory will supply JLR’s future battery electric models, including the Discovery, Defender, Range Rover, and Jaguar brands.
Stock markets also welcomed the company’s aggressive investment plans, leading the shares of Tata Motors to the day’s high of Rs 625.30 on 19 July. At 2:05 PM, the stock was trading 1.49 per cent higher at Rs 621.20 on the National Stock Exchange (NSE).
Tata’s selection of Britain is significant for Prime Minister Rishi Sunak’s government, which had pledged to boost the economy and had set net zero goals, including a complete ban on the sale of new petrol and diesel vehicles from 2030.
"Tata Group's multi-billion-pound investment in a new battery factory in the UK is testament to the strength of our car manufacturing industry and its skilled workers," British Prime Minister Rishi Sunak said in a statement.
According to the UK government, the factory would create up to 4,000 jobs, with further roles likely to be created in the supply chain. With an initial outcome of 40 gigawatt hours (GWh), the factory would provide around half of the battery production required by 2030.
Tata Sons Chairman N Chandrasekaran said that the Group is deeply committed to a sustainable future across our businesses. "Our multi-billion-pound investment will bring state-of-the-art technology to the country, helping to power the automotive sector’s transition to electric mobility, anchored by our own business, JLR," he said.
Chandrasekaran added that the Tata Group has further strengthened its commitment to the UK with the strategic investment.
In April this year, Jaguar Land Rover CEO Adrian Mardell said at a media event that the Tata Group is clear that the new Gigafactory will be set up in Europe. Apart from the UK, Spain was also under consideration at the time.
(With PTI inputs)