The Labour Party said that its proposed industrial plans could lead to the creation of 80,000 jobs in the British automotive sector.
It was launched as Keir Starmer, the Labour leader whose party recently tasted victory in the local elections in England and Wales, prepares to make an address to the British Chambers of Commerce on Wednesday.
The party's proposal includes part-financing eight gigafactories, which they claim will not only help to create 80,000 jobs but the manufacture of nearly two million electric vehicles.
According to Labour, these plans will benefit regions such as the West Midlands with an influx of 28,000 jobs, and the north-west, where 11,000 could be created.
Mr Starmer has previously committed to achieving the highest sustained growth in the G7 if his party comes to power in the next general election.
In addition, the Labour Party has proposed to establish an industrial strategy council on a statutory footing, as part of its efforts to bolster British industries.
Labour's Shadow Business Secretary, Jonathan Reynolds, said that Labour plans to “make Brexit work” and implement a “modern industrial strategy”.
He professed optimism for the country's future under a Labour administration, saying: “Labour is ambitious for Britain’s future and our plans will bring investment and jobs to the industrial heartlands we are so rightly proud of.”
According to Mr Reynolds, “Britain is a fantastic place to work, grow or start a business, but firms need a government that will fight for them in an increasingly competitive global race.
“Labour will never be complacent about our industrial base. We have a plan to ensure the jobs of the future are here in Britain.”
The Labour Party's plans have met with criticism from Business and Trade Secretary Kemi Badenoch.
She said that the Conservative government has provided billions in support for the automotive sector and other industries.
“Our forthcoming plan for advanced manufacturing will further cement this government as one that backs the future of industry in this country,” she said.
Ms Badenoch also expressed scepticism about Labour's proposed strategy, contending that “the only plan the Labour Party has is one that will wreck the economy by sticking tens of billions of pounds on the government credit card and leave no money left, all over again.”
