Business News What is a gigafactory?
The term ‘gigafactory’ was initially coined by engineer and technology entrepreneur Elon Musk as a name for one of Tesla’s lithium ion battery and EV manufacturing plants – such as the ‘Gigafactory 1’ site in Nevada. It is now used more widely to define any large
battery manufacturing plant, such as the Northvolt gigafactory in Sweden. A typical gigafactory produces cells and modules
used in electric vehicles, as well as undertaking laboratory analysis, prototype engineering and research and development. Last year, Tesla chose Germany over the UK as the
home for its first gigafactory with co-founder Musk stating that Brexit uncertainity “made it too risky to put a gigafactory in the UK”.
In its legislative agenda the Government has set out some of the promised steps to relieve the tax burden on the high street. If fully implemented the reforms should reduce or remove business rates on over 675,000 small businesses. The measures include increasing the threshold for the standard multiplier to £51,000, doubling the threshold for small business rate relief and a move from RPI to CPI indexation. The impact will be closely monitored.
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overtures led him to China in a bid to attract investment. The trip showcased the West
Midlands to potential investors and strengthened relationships with key companies such as Geely, owner of the London Electric Vehicle Company, Wolverhampton Wanderers owners Fosun, and Solihull-based Changan Automotive. “I believe, as the heartland of the
UK’s automotive industry, that our region is the rightful home for a gigafactory,” said Street. “Employing more than 46,500
people, the West Midlands has an automotive cluster that features innovation centres, research centres, autonomous vehicle test beds, and major production plants. The West Midlands Combined Authority and I will now continue to lobby government extensively to make
sure we win the gigafactory race.” Coventry has been mooted as a
potential gigafactory site after councillors in the city signed off £3.1m in grand funding – rising to £15m – for the UKBIC, which will act as a research and test facility to develop electric vehicle battery technology. It is also relatively close to JLR’s
Hams Hall site, home to the Battery Assembly Centre which is helping to power the next generation of Jaguar and Land Rover models. Along with Nissan, JLR would be
the biggest customer for a battery factory. While Street claims “location is
everything”, a report from the Farady Institution highlights a need for speed on the matter.
Cont’d on page 14... February 2020 CHAMBERLINK 13
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Denisha Sawyers Royal Essence Community Company
t: 07711 558046 e:
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www.royalessenceuk.co.uk
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