India's Tata Sons is preparing to exit the UK business of its Tata Steel steel business after losing hope of a £1.5bn subsidy package from the government of Liz Truzz for a proposed green energy transition.
The steel company said it needs financial assistance to transition from carbon-intensive blast furnaces to electric arc furnaces over the next few years in order to continue operations, according to the Economic Times.
Tata Steel sees no point in waiting for the UK government's decision on the subsidy package, as the latter did not seem to interest the London officials; instead, the company is seeking options to exit the country.
German BMW has said production of its Mini hatchbacks and small electric SUVs will be moved to China. The company has announced that it intends to manufacture electric vehicles in China after it struck a deal with Chinese manufacturer Great Wall Motor in 2018.
“This is one of our most important vehicles and a global bestseller, and this once again indicates our commitment to the future. The Oxford plant will remain at the center of Mini's production,” said a BMW spokesperson.
