UK savings and retirement company Phoenix Group has invested £80m to support Nissan Motor’s EV and hybrid car production facility.
The Sunderland site has been designated as the company’s main production plant for new electric cars and SUV’s for the European Market.
According to Phoenix, the investment matches its own net-zero commitments. The company pledged its operations will be carbon neutral by 2025, and its investment portfolio by 2050.
Chris Palmer, head of illiquid assets origination at Phoenix Group, said: “We are delighted to support electric-only and hybrid vehicles being manufactured by Nissan in Sunderland.
“Supporting jobs and growth in every corner of the UK continues to be one of our key priorities as we play our part to help build back better and greener.
“We know that electric and hybrid vehicles will be key to combatting the climate crisis that we face, and Phoenix continues to invest to make a positive impact on our planet and to create a sustainable future.”
The investment has been made as a five-year loan, guaranteed by the UK Export Finance agency of the UK government.
