Nissan is to invest £1.12 billion ($1.4 billion) to build electric versions of two of its crossover models at the company's plant in north-east England, with money going into infrastructure and supply chain development.
The project includes a new gigafactory to produce batteries, bringing the total investment to £2 billion.
The Japanese car maker has plans to make electric versions of its Qashqai and Juke models at its plant in Sunderland, where its fully electric Leaf vehicle has been in production for several years.
The plan will support the future of Nissan’s 7,000 employees in the UK, as well as 30,000 jobs in the wider supply chain.
'At the heart' of the future vision
Nissan president and chief executive Makoto Uchida said the investment put the Sunderland plant "at the heart" of the company's future vision.
"It means our UK team will be designing, engineering and manufacturing the vehicles of the future, driving us towards an all-electric future for Nissan in Europe," he added.
British Prime Minister Rishi Sunak said the investment was "a massive vote of confidence in the UK's automotive industry".
"Making the UK the best place to do business is at the heart of our economic plan," he said.
The government announced it would put £15 million towards the funding to the Nissan Technical Centre in Cranfield, Bedfordshire, to boost research and development of zero-emission car technology.
By 2030, Nissan plans to offer only fully electric vehicles in Europe.
Electrifying investment
The move by Nissan comes months after India's Tata Motors announced it would invest £4 billion in an EV battery centre in the UK to supply its Jaguar Land Rover factories.
Other car makers have also announced investments to make EVs in the UK, including £600 million from BMW to build next-generation Minis in Oxford, Ford’s plans to spend £380 million in Halewood to make electric drive units and Stellantis’s £100 million investment in Ellesmere Port to produce electric vans.
Nissan has a long-standing relationship with north-east England – it originally built a factory there in 1986, which is now one of Europe's largest car plants.
The Sunderland site has produced more than 11 million vehicles.
Best selling electric cars in the UK in 2022 - in pictures
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
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Zabeel Park
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Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
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May 10, v Qatar
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