The announcement this morning of a very significant investment in the electric vehicle maker Detroit Electric by Far East Smarter Energy Group of China is a massive endorsement of both UK manufacturing and in the Coventry & Warwickshire automotive cluster in particular.
With Aston Martin Lagonda, BMW, Jaguar Land Rover and Geely London Taxi and the local auto supply chain investing significantly in low carbon powertrain, the area already has a strong global reputation in these important 21st century technologies.
The 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 is by some margin the largest investment by a Chinese company in UK automotive, and follows a trend of recent Chinese investment in the Coventry and Warwickshire area.
The investment promises 400 new jobs and a production volume of 100,000 by 2020.
This is also good news for tech and high end manufacturing in and around Leamington Spa.
Last month Liberty Group announced plans to create a vehicle centre of excellence which will initially develop a new supercar and premium bicycle in the town. 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.