RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
UK Starting Salaries See Strongest Growth in 18 Months as Hiring Sentiment Improves 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Taiwan Says Moving 40% of Semiconductor Production to the U.S. Is Impossible 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Asian Markets Surge as Japan Election, Fed Rate Cut Bets, and Tech Rally Lift Global Sentiment 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Nissan is investing $1.38 billion or £1 billion for its plans to construct a “gigafactory” in Sunderland, U.K. This was announced by the Japanese automaker on Thursday, July 1.
The massive plant will not only be beneficial for Nissan’s business, but it will definitely offer a major boost to the region’s electric vehicle plans. As per CNBC, the company headquartered in Yokohama, Japan, will soon launch the project for the gigafactory called “Nissan EV36Zero.”
Nissan to focus on EV business in the UK
The automaker is building the new electric battery plant in partnership with Envision AESC. This will be the new EV hub in the UK, and with its size, it is expected to create thousands of jobs for the locals.
Nissan will open at least 1,650 new positions at the gigafactory in Sunderland City. Since this is a project supported by two companies, 900 jobs will be available for Nissan, while the remaining 750 will be for the Envision AESC.
On Thursday, Nissan’s chief operating officer, Ashwani Gupta, said in an interview on CNBC’s “Squawk Box Europe” that the company’s decision to build the battery factory for electric vehicles is a move that demonstrates Nissan’s roadmap to carbon neutrality.
With its plans, Nissan joined other major auto companies that are aiming to focus on the development of batteries for EV cars. This month, Renault and Volkswagen have also expressed their intention to venture into EV batteries, and they are also building gigafactories for this business in Europe.
Nissan’s electric car expansion
BBC News added that Nissan will also invest in the production of a new generation of EVs in the United Kingdom. From the £1 billion investment, it was mentioned that £423 million will go to EV production.
Once the gigafactory is completed, Envision is expected to provide batteries for up to 100,000 Nissan EVs per year. Both Nissan and Envision are hoping that the new factory will already be operational by 2024 since the U.K. is banning the sale of petrol or diesel-powered vehicles starting in 2030.
"The key success factor for Brexit has always been trade-friendly business conditions to sustain our business not only in the UK but in the whole of Europe and thanks to Brexit, Nissan is moving forward to use Brexit as an opportunity," Gupta said.
