00:00A major new fund designed to support companies in the electric vehicle sector has been endorsed
00:06by the West Midlands Combined Authorities Investment Board. From April, the programme
00:10is due to offer grants ranging from £250,000 to £3 million, with applicants expected to
00:17provide at least 50% private match funding. The funding is intended to help firms buy
00:22new equipment, build skills and increase production capacity, as carmakers and suppliers respond
00:28to rising electric vehicle demand across the UK. The four-year pilot forms part of the government's
00:34Drive35 initiative, which aims to strengthen supply chains and increase domestic manufacturing
00:40as the shift to zero-emission technologies continues. The West Midlands has one of the
00:45UK's largest automotive sectors, with around 1,000 companies employing more than 30,000 people
00:51in vehicle making, parts engineering and battery-related work. Officials say around 100 firms have been
00:58identified as potential beneficiaries, and the authority says bids will be assessed against
01:04investment and employment criteria. The region's Mayor, Richard Parker, has previously said he
01:09secured £50 million from government for the fund as part of plans to keep the motor industry
01:15competitive during electrification. Coventry City Council representatives have described the
01:20economic opportunity as significant for the regional supply chain. The scheme is expected to open for
01:27applications in April.
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