£2.5bn boost to electric vehicle production

£2.5bn boost to enhance electric vehicle production

The UK government has announced their new initiative for the automotive sector, DRIVE35.

The strategy plans to invest heavily into advanced manufacturing over the next decade until 2035, assisting various areas of the sector, including electric vehicle production, new start-up companies, innovation projects and large-scale giga factories.

The initiative will see £2 billion in funding being used up to 2030, and the additional £500 million to be used for research and development projects (R&D) until 2035.

DRIVE35 aims to demonstrate a long-term commitment towards innovation and an increase in production within the automotive industry, as the popularity of electric vehicles (EVs) continues to rise.

DRIVE35 sets to take off from the Automotive Transformation Fund and the Advanced Propulsion Centre UK, helping to further the development of the automotive industry.

Electric vehicles with MAF Finance Group

For business looking to purchase a commercial vehicle for their business or grow their fleet of electric vehicles, our expert team at MAF Finance Group can work with you throughout the financial process to ensure you receive a bespoke financial solution.

If you would like further information or to get a quote, email us at [email protected], or if you would like to speak to us directly, call us on 0115 958 6872.