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The Government says working people will benefit from 1000 jobs at a new state-of-the-art gigafactory in Sunderland in a £1bn auto deal that will accelerate the transition to electric vehicles (EVs) and boost growth. The new AESC gigafactory will manufacture batteries to power up to 100,000 EVs each year – a six-fold increase on the country’s current capacity. In the landmark transaction, the National Wealth Fund and UK Export Finance will provide financial guarantees which unlock £680m in financing from banks including Standard Chartered, HSBC, SMBC Group, Societe Generale and BBVA. This will cover construction and operation of the new plant. The remaining £320m has been secured through private financing in addition to new equity provided by AESC. More information www.gov.uk