Prime Highlights :
- West Midlands Mayor Richard Parker opened a £50m fund to help automotive companies grow and create skilled jobs in the electric vehicle sector.
- Grants of between £250,000 and £3m are available, with companies required to match at least 50 percent of the funding privately.
Key Facts :
- The West Midlands is one of just two UK regions to secure funding through the government’s DRIVE35 initiative.
- The region is home to about 1,000 automotive companies employing more than 30,000 people.
Background :
West Midlands Mayor Richard Parker has opened a £50m fund aimed at helping automotive companies grow and create more skilled jobs in the electric vehicle sector.
The West Midlands Supplier Readiness and Transformation Fund offers grants between £250,000 and £3m, with companies required to match at least half the funding through private investment.
Parker formally opened the programme to applications during a speech at the Advanced Propulsion Centre, based at the University of Warwick in Coventry. He said the match funded grants would help businesses take advantage of new opportunities in the fast-growing electric vehicle supply chain.
The West Midlands Combined Authority’s Investment Board approved the fund at a meeting in February. Companies can use the funding to invest in new equipment, skills and production capacity, helping them stay competitive as the electric vehicle market expands.
The scheme runs for four years and gets its funding from the government’s DRIVE35 initiative, which backs UK supply chains and domestic production as the country works toward net zero by 2050.
The West Midlands is one of only two regions to secure this government investment, and the area is home to about 1,000 automotive companies employing more than 30,000 people.
Parker described the region as the engine room of the UK motor industry, calling it one of its greatest economic strengths. He said the investment reflects the government’s recognition of how important the region’s automotive sector is to the wider UK economy.
He added that the fund would help manufacturers, suppliers and innovators stay ahead as the global market continues moving toward electrification, supporting the creation of skilled jobs with higher wages across the region.