Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
China’s Small Bank Consolidation Struggles as Profits Fall and Risks Persist 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
Strategy Retains Nasdaq 100 Spot Amid Growing Scrutiny of Bitcoin Treasury Model 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
Tata Motors, the parent company of Jaguar Land Rover, has chosen the UK for its new electric vehicle battery plant, planning a landmark £4 billion investment. This significant move is set to generate roughly 4,000 jobs and boost the country's position in the global EV battery race.
Tata Motors confirmed its plans to construct its EV battery factory in the U.K. This will be the country's flagship production facility. The building is set to be built in Somerset, and once in full operation, the company is expected to generate about 4,000 jobs and a lot more in its supply chain that will eventually expand as well.
According to BBC News, Tata Motors' £4 billion investment is for the main site only. It is understood that it will also receive subsidies from the government which could be worth hundreds of millions of pounds. This project is considered the most significant investment in the automotive industry in the U.K. since Japan's Nissan Motors arrived in the 1980s.
This is being seen as a major achievement for Britain as it is attempting to catch up in the EV battery race that is currently ongoing worldwide, Reuters reported. Many companies are building their own EV battery factories as car manufacturers shift from gas to electric cars.
In any case, it was reported that the company had been negotiating for months before it was able to successfully secure financial support for its gigafactory from the U.K. government. On Wednesday, July 19, Tata Motors received a large incentive offer for the EV battery plant.
U.K.'s Prime Minister Rishi Sunak told BBC that its decision to grant subsidies to Tata Motors was based on various factors. The government may give these subsidies as cash, discounts on energy costs, grants, and research funding.
"Tata is an international business and will consider a number of factors when deciding where to invest. Last autumn the chancellor cut taxes specifically so that we could encourage investments like this," the PM stated.
He added, "We are making lots of changes and it is this whole package that's attractive, like investment in skills and apprenticeships, infrastructure in road, rail and broadband. It is also the approach we are taking to regulation after leaving the E.U."
Photo by: Lenny Kuhne/Unsplash
