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Hyundai and Kia Motors will invest more than €100m in research and development in the UK over the next five years in a major boost for the country’s struggling car industry.
The Korean car manufacturers on Wednesday said the new investment would be jointly funded by the UK government through the Engineering Research Centre in Britain’s car sector.
The funding includes an extra £1.3m for an electrification hub at Royal Holloway, University of London, and a boost of £47m for £100m electric vehicle research project announced last year by Chancellor Philip Hammond in his 2018 budget.
The goal of the £100m investment is to ensure the success of the UK’s new strategy for advanced vehicle technology and the vehicle electrification strategy unveiled by the government last year.
ScottishPower, part of the Spanish energy group Iberdrola, was part of a consortium to form the new UK venture ERCUK. It has a joint venture with Royal Holloway to develop a UK-only funded laboratory to develop advanced electric vehicle technology.
The investment is expected to create almost 100 new jobs in the UK automotive research sector over the next five years. The R&D partnership will be launched on January 23 at the eVolo EAC HQ in Farnborough.