March 2017

WARWICKSHIRE MEANS BUSINESS

£1.5billion Chinese investment boost

The trend of recent Chinese business investment in the Coventry and Warwickshire area continues to gain momentum.

Last week saw the announcement of a major investment in electric vehicle maker Detroit Electric by Far East Smarter Energy Group of China.

It came as another massive endorsement of both UK manufacturing and the Coventry & Warwickshire automotive cluster in particular.

With Aston Martin Lagonda, BMW, Jaguar Land Rover, Geely London Taxi and the local auto-supply chain investing significantly in low carbon powertrain, the Coventry & Warwickshire area already has a strong global reputation in important 21st century technologies.

The latest announcement follows recent LCV investments from Jaguar Land Rover in the all-electric iPace concept, and Geely’s investment of £300m in the new hybrid TX5 taxi and a new factory at Ansty Technology Park.

At £1.5bn, the promised new investment by Far East Smarter Energy Group of China is by some margin the largest investment by a Chinese company in UK automotive. It is expected to lead to the creation of 400 new jobs and is excellent news for tech and high-end manufacturing in and around Leamington Spa.

The company plans to expand its existing facilities in the town with the workforce set to double to more than 400.

The news further strengthens Coventry and Warwickshire's burgeoning reputation as a base for forward-looking industries, with big companies continuing to arrive and expand in the region.

Last month, Liberty Group announced plans to create a vehicle centre of excellence which will initially develop a  new supercar and premium bicycle in Leamington Spa.

Elsewhere, luxury furniture-maker Vitsoe are building their new HQ and factory at the gateway to the town and TATA Technologies is putting the finishing touches to its new European HQ in Warwick.

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