Up to £3m for electric vehicle industry in region

A major new fund has been backed to help West Midlands companies in the electric vehicle sector transform their businesses.

From April, grants of between £250,000 and £3m will be available with at least 50% private match funding required.

Companies will be given the funding to invest in new equipment, skills and production capacity to help them compete in the expanding EV market.

Members of West Midlands Combined Authority's Investment Board endorsed the full business case for a regional pilot program.

The fund will run for four years and forms part of the government's DRIVE35 initiative which aims to strengthen UK supply chains and boost domestic production as the country moves towards zero-emission technologies.

The West Midlands boasts one of the UK's largest automotive sectors with 1,000 companies, employing more than 30,000 people making cars, engineering parts and developing state-of-the-art EV and battery technology.

Bosses told Investment Board members that around 100 firms have been identified who may potentially benefit from the scheme.

Cabinet member at Coventry City Council, Jim O'Boyle, said the economic opportunity was "really important".

"Doesn't matter if we're for or against electric, it's happening whether you like it or not. The supply chain is massive in this region and needs supporting big time," he said.

West Midlands Mayor Richard Parker has previously said he secured £50m for the fund from the government as part of his plan to keep the region's motor industry at the forefront of the transition to electrification.

He said: "We are the birthplace of the UK car industry and now, more than 100 years after petrol cars first rolled off the Daimler production line in Coventry, we are powering towards a new era of electrification.

"This funding is good news and will help us write a bright new chapter in our car industry's long and proud story."

This news was gathered by the Local Democracy Reporting Service which covers councils and other public service organisations.

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