The Labour Party has promised to create 30,000 electric vehicle (EV) jobs in the next three years, a CityAM report said.

The new job opportunities will be created both in factories and across the supply chain.

The proposal is part of the party’s plans to partly fund three additional giga factories by 2025.

It has also warned that the UK is lagging behind European Union rivals in terms of EV and battery production investment.

By 2028, Germany is expected to have 150,000 more EV jobs compared with the UK, whereas France and Hungary would leave the country behind by 20,000 and 30,000 roles respectively, the publication cited new research.

“The Conservatives’ failure to harness the potential of our net-zero transition and grow our economy risks British industries losing out to competitors abroad,” Labour business secretary Jonathan Reynolds was quoted by the news outlet as saying.

He added: “A Labour Government will re-energise Britain’s economy by seizing the opportunities of the future.”

The party’s proposal also includes provisions for providing loans for new and used electric cars along with accelerating the roll-out of charging point features.

The announcement comes as the EV uptake has declined due to soaring inflation, which is estimated to rise to 11% by October from May’s 9.1%.

The cost-of-living crisis has forced 41% of Britons to drop their plans of buying an EV, data from Close Brothers Motor Finance (CBMF) shows.