Mel­rose eyes elec­tric cars

Daily Mail - - City & Finance -

TURN­AROUND gi­ant Mel­rose will spend around £300m over the next five years to ex­tend its reach in the elec­tric car mar­ket.

It cur­rently spends about £50m a year on elec­tric ve­hi­cle re­search and de­vel­op­ment.

The move will in­clude building fac­to­ries to make car parts as it tries to win a chunk of the an­tic­i­pated boom in cus­tomers switch­ing from diesel and petrol.

Mel­rose has also iden­ti­fied sav­ings of more than £300m per year that it will make in its GKN Au­to­mo­tive arm, which it ac­quired when it bought the Bri­tish en­gi­neer­ing stal­wart for £8bn in a hos­tile takeover last year.

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