Advanced talks are being held between Coventry City Council and Asian battery manufacturers over the possibility of investing in a proposed gigafactory in the area.
Confirmed by the council on Tuesday, talks are taking place with several “leading Asian” developers over the site, which would become one of just a handful of electric vehicle battery factories planned in the UK.
“The West Midlands gigafactory site [...] is a prime location, offering future investors an all-in-one solution for battery manufacturing, research, industrialisation and recycling,” councillor Jim O'Boyle commented on Monday.
“We hope, with the support of the UK government, that we will secure an investor and further strengthen our region's leadership credentials in the shift towards electrification.”
Jaguar Land Rover owner Tata Motors Limited (NYSE:TTM) had confirmed it would build a gigafactory in the UK in July, marking a much-needed boost for the UK’s electric vehicle industry.
This followed the collapse of startup Britishvolt earlier this year, which had planned to build the UK’s first such site before requiring a rescue by Australian firm Recharge Industries.
Coventry’s site is the only potential gigafactory project with planning permission in the UK, according to the council, offering production of enough battery units for roughly 600,000 electric vehicles a year.