UK ELECTRIC VEHICLE AND BATTERY PRODUCTION POTENTIAL TO 2040
On March 12th 2020 the Faraday Institution published an update to its study “UK Electric Vehicle and Battery Production Potential to 2040”, first published in 2019.
A study answers the question, "What is the maximum opportunity for EV and battery cell production to be based in the UK by 2030 and 2040, and what actions need to be taken now, and by whom, to ensure that this opportunity is captured?”
The study finds that while there will be demand for seven UK-based gigafactories (large, high volume battery manufacturing facilities) by 2040, each producing 20 GWh per year of batteries, the UK is at risk of falling further behind Europe for battery manufacturing
The Faraday Institution study forecasts that the overall industry workforce in the automotive and electric vehicle (EV) battery ecosystem could grow by 29% from 170,000 in 2020 to 220,000 employees by 2040.
For further details please contact Stephen Gifford, Chief Economist, (email, +44(0)1235 425300).