Nissan is to invest £1.12 billion ($1.4 billion) to build electric versions of two of its crossover models at the company's plant in north-east England, with money going into infrastructure and supply chain development.
The project includes a new gigafactory to produce batteries, bringing the total investment to £2 billion.
The Japanese car maker has plans to make electric versions of its Qashqai and Juke models at its plant in Sunderland, where its fully electric Leaf vehicle has been in production for several years.
The plan will support the future of Nissan’s 7,000 employees in the UK, as well as 30,000 jobs in the wider supply chain.
'At the heart' of the future vision
Nissan president and chief executive Makoto Uchida said the investment put the Sunderland plant "at the heart" of the company's future vision.
"It means our UK team will be designing, engineering and manufacturing the vehicles of the future, driving us towards an all-electric future for Nissan in Europe," he added.
British Prime Minister Rishi Sunak said the investment was "a massive vote of confidence in the UK's automotive industry".
"Making the UK the best place to do business is at the heart of our economic plan," he said.
The government announced it would put £15 million towards the funding to the Nissan Technical Centre in Cranfield, Bedfordshire, to boost research and development of zero-emission car technology.
By 2030, Nissan plans to offer only fully electric vehicles in Europe.
Electrifying investment
The move by Nissan comes months after India's Tata Motors announced it would invest £4 billion in an EV battery centre in the UK to supply its Jaguar Land Rover factories.
Other car makers have also announced investments to make EVs in the UK, including £600 million from BMW to build next-generation Minis in Oxford, Ford’s plans to spend £380 million in Halewood to make electric drive units and Stellantis’s £100 million investment in Ellesmere Port to produce electric vans.
Nissan has a long-standing relationship with north-east England – it originally built a factory there in 1986, which is now one of Europe's largest car plants.
The Sunderland site has produced more than 11 million vehicles.
Best selling electric cars in the UK in 2022 - in pictures
WISH
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company