NOT MANY PEOPLE KNOW THIS
By Paul Homewood
So much for all the promised green jobs:
British battery start-up Britishvolt has slumped into administration, with the majority of its 300 employees laid off with immediate effect.
The news was shared with employees at a staff meeting on Tuesday morning.
The company had plans to build a huge factory in Northumberland to make batteries for electric cars and was part of a long-term vision to boost UK manufacturing.
However, the board is believed to have ruled on Monday that there were no viable offers to keep the company afloat.
Industry experts say the UK will need multiple battery factories to support the future of UK car manufacturing as petrol and diesel engines are phased out over the next decade.
There is currently only one Chinese-owned plant in the UK, aside from the Nissan plant in Sunderland, while 35 plants are planned or under construction in the EU.
The main reason for this collapse is that the factory would have operated at a loss for several years until the electric vehicle market was mature enough to provide a full order book. Investors just weren’t ready to take it.
No doubt high energy costs and competition from China in both batteries and cars were also a concern.
Meanwhile, as 2030 approaches, with the inevitable job losses, our automakers must soon begin shutting down their engine plants.
This whole saga is a reminder that jobs are not created by government dictates. Promises of hundreds of thousands of green jobs are just a mirage.