(Sharecast News) – Jaguar Land Rover owner Tata Group is to invest £4bn to build an electric car battery gigafactory in the UK, te company said on Wednesday.
The factory is slated to be located in Somerset, with Tata and UK government officials claiming it could bring 4,000 new jobs to the area. Production is scheduled to start in in 2026, according to Tata Sons, the holding company behind the Indian conglomerate.
Tata was in talks with the government for months to secure state aid for the project and ministers refused to say how much taxpayer money was going towards the project.
In January, the battery startup Britishvolt collapsed, much to the embarrassment of the government, owing as much as £120m to creditors.
Reporting by Frank Prenesti for Sharecast.com