Britishvolt was the maker of electric vehicle batteries. They have appointed administrators and made around 300 employees redundant.
Britishvolt was the maker of electric vehicle batteries. They have appointed administrators and made around 300 employees redundant.
Britishvolt, the UK’s electric car battery manufacturer, was championed in part by Boris Johnson. It is expected to announce its administration.
Electric cars are approximately £10,000 more expensive than petrol equivalents
Fuel prices have fallen below 150p a litre for the first time since Vladimir Putin’s invasion of Ukraine.
Motoring groups warn that Britain’s electric car revolution is being held back by a lack of charging points and high plug-in prices.
The sector is already under surveillance by the competition watchdog.
British companies have installed an unprecedented number of public-electric car chargers in 2022, as they try to control a rapidly growing and potentially lucrative market.
As production methods improve, battery prices will generally decline.
The third-worst monthly increase in recorded prices was in October, which saw a cost rise of 10p per litre to an average of 190.5p.
Britishvolt claims it has received funding for a few weeks and that its 300 employees have accepted a pay cut. The UK government-backed startup is trying to find a buyer,
The company is struggling to find investors willing to fund efforts to build giant £3.8bn ‘gigafactory’ in the northeast of England.