Billionaire Gupta Seeks To Make Electric Vehicles In Australia

Sanjeev Gupta, the British industrialist, is ready to gamble for industrial properties at previous Holden production location of General Motors Co. in South Australia. This data was given by the state’s treasurer to the media in an interview. The move comes as Gupta aims to use the apparatus to make electric cars.

Billionaire Gupta Seeks To Make Electric Vehicles In Australia

If triumphant, the buyout might bring now obsolete car production market of Australia back to life. It will also add to a string of determined spending by Gupta (GFG Alliance’s executive chairman) that comprise plans to utilize solar power to fuel steel-making processes. “On the basis of discussions that I have had with the GFG Alliance I recognize that, if they are the victorious bidder, they aim to design the site as a production base for an electric car,” Tom Koutsantonis, state treasurer of South Australia, claimed to GM in a letter dated January 17, 2018, and handed to the media.

GFG Alliance needs to employ technology designed by Gordon Murray Design, its associate, to make the electric vehicles, Koutsantonis claimed to the media in an interview. GM Holden and GFG Alliance refused to say anything on the deal. The industrial properties will be traded as fraction of a worldwide auction.

Australia’s almost 100-year automotive market in October came to conclusion post GM closed its factory to move production to more affordable sites. The shut down arrived a year post Ford Motor Co and Toyota Motor Corp also stepped out, removing thousands of production jobs. Ford Motor Co and Toyota Motor Corp were not immediately available for any comment on this matter.

Malcolm Turnbull, the Australian Prime Minister, and other lawmakers have had a meeting with Gupta, who lately saved Whyalla plant of Arrium, the Australian steel maker, and outlined determined plans to design huge scale battery and solar projects to assist fuel the factory in South Australia.

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