Nissan is set to create 2,000 new jobs after securing government funds to help build a state-of-the-art gigafactory in the North East of England, it is understood.
The news, a major boost for the UK car industry, will be officially announced later this week, says the BBC.
Car Dealer reported last month that the manufacturer was seeking government help to finance the new gigafactory in Sunderland.
It is now believed the firm has secured the funding and is hoping to commence building work soon.
It is hoped the factory will open towards the end of 2024 when it will start producing 6 gigawatt hours of battery capacity per year.
The new facility will make batteries for as many as 200,000 electric cars every year.
If the government is to meet its target of no new petrol or diesel cars by 2030, then experts agree several gigafactories will have to be built.
The Faraday Institution predicts the UK will need eight to meet demand by 2040.
Nissan says investing in gigafactories could create as many as 250,000 jobs across the country but remained tight-lipped on the latest reports.
A Nissan spokesman said: ‘Having established EV and battery production in the UK in 2013 for the Nissan Leaf, our Sunderland plant has played a pioneering role in developing the electric vehicle market.
‘As previously announced, we will continue to electrify our line-up as part of our global journey towards carbon neutrality, however we have no further plans to announce at this time.’