BUSINESS LIVE: the boss of THG sells special shares; Ford plans $ 300 million investment in UK

BUSINESS LIVE: the boss of THG Molding sells special shares; Ford plans $ 300 million investment in electric car parts in UK; Industry bosses slam government rhetoric

Hut Group CEO Matthew Molding will give up his “gold stake” in the SoftBank-backed company, which will now seek to be publicly traded after being hit by a dramatic drop in the share price last week.

THG, which went public in an exceptional initial public offering last September, was rocked last week by a 35% collapse in its share price following an investor presentation, forcing it to respond corporate governance issues around the group.

Ford will invest up to £ 230million to build electric car components at its plant in Halewood in the north of England, which will produce around 250,000 units of power per year from mid-2024.

The government is helping investment through its Auto Transformation Fund, as brands step up electrification plans ahead of the combustion engine ban and countries compete for jobs.

Britain’s manufacturing industry has urged ministers to stop blaming business as “the enemy within”.

The comments represent a marked change in tone from Make UK, whose members include auto, defense and steel manufacturers.

> If you are using our app or a third party site, click here to read Business Live

Ford’s £ 230million investment to protect jobs at Halewood plant