Nissan makes $1.4B investment in the UK to make EV versions of top-selling models

Nissan Motor Co. (OTCPK:NSANY) will invest $1.4B to update its factory in northeast England to make electric versions of its two best-selling cars. The funds will be used to make wider investments in infrastructure projects and the supply chain, including a new gigafactory for EV batteries.

The development is also being seen as a boost for the British government. U.K. Prime Minister Rishi Sunak visited the factory for the announcement, posing for photos with Treasury chief Jeremy Hunt in front of a blue Qashqai on the assembly line.

Currently, the Japanese automaker manufactures the gasoline or gas-hybrid Qashqai and smaller Juke crossover vehicles at the factory in Sunderland.

The Qashqai is the UK’s second most popular vehicle this year, while the Juke is the seventh. Nissan (OTCPK:NSANY) also said it will make the next generation of its long-running Leaf electric car at the factory. On a broad scale, Nissan (OTCPK:NSANY) has set a target of electrifying its entire European passenger car lineup by 2030. “With today’s announcement, we are making that vision happen,” said Nissan (OTCPK:NSANY) CEO Makoto Uchida said at the plant.