COVENTRY business chiefs have hailed Chancellor Jeremy Hunt’s autumn statement as a ‘real game changer’ after it revealed the site for the long-touted Gigafactory would be included in the West Midlands Investment Zone.
The investment zone will be created around the site of Coventry Airport to encourage businesses to invest in the area.
The zone includes the Airport site and adjacent employment land which could be used to support the battery and automotive supply chain.
The West Midlands Gigafactory could create up to 6,000 new jobs as well as protect and create tens of thousands more in the automotive supply chain.
The Coventry site is the only one available in the UK with planning permission for a large-scale battery production facility with enough to power 600,000 electric vehicles.
At last month’s Labour party conference, Coventry City Council’s cabinet member for Jobs, Regeneration and Climate Change, Coun Jim O’Boyle revealed the joint venture was in ‘advanced talks’ with several Asian battery manufacturers about future investment at the site.
Following Wednesday’s news, he said: “Today’s announcement delivers significant additional tax incentives and breaks, making the site even more attractive for future investors.
“The West Midlands Gigafactory is perfectly placed as a pioneering centre of excellence for battery technology and manufacturing.”
Coventry and Warwickshire Chamber of Commerce chief executive Corin Crane added: “The investment zone could be a real game changer for the region.
“We know how important that site is around Coventry Airport and this could have a massive impact on the regional economy.”
