Chinese EV battery giant EVE Energy announces plans for a £1 billion gigafactory near Coventry, set to create 6,000 jobs and bolster the UK’s electric vehicle sector.
Chinese electric vehicle (EV) battery manufacturer EVE Energy is exploring an investment exceeding £1 billion to construct a new gigafactory near Coventry, UK. This facility, covering 5.7 million square feet, is anticipated to create up to 6,000 jobs and represents a pivotal moment for the UK’s electric vehicle manufacturing landscape. The gigafactory, which aims to be part of the UK Centre for Electrification, would mark a significant expansion of EVE Energy’s global operations, which currently boast 28,000 employees. Set in a region already known for its automotive manufacturing prowess, the West Midlands, this new venture could potentially eclipse Nissan’s electric battery facility in Sunderland in both scale and capacity.
In another sector, DIY giant Kingfisher, the parent company behind B&Q, predicts a downturn in profits this year amidst a slowdown in the home improvement market. Forecasting adjusted pre-tax profits to fall between £490-550 million, Kingfisher’s outlook is notably below analysts’ expectations. The company has faced a challenging environment following an initial surge in demand during the pandemic, as people engaged in home renovations while confined to their homes. The anticipated profit drop reflects wider economic uncertainties and evolving consumer behaviors, affecting the DIY sector at large. Kingfisher’s experience illustrates the fluctuating dynamics of the home improvement market, closely linked to housing market trends and consumer spending patterns.
