Labour’s plans for British industry could see 80,000 jobs created in the automotive sector, the party said.
It comes as Sir Keir Starmer, fresh from success in the local elections, is set to deliver a speech at British Chambers of Commerce on Wednesday.
The party said its plans to part-finance eight gigafactories will help create 80,000 jobs and power nearly two million electric vehicles.
Labour says that under the plan, the West Midlands will benefit from 28,000 jobs and 11,000 roles will be created in the North West.
Sir Keir has already pledged to deliver the highest sustained growth in the G7 if Labour does take power after the next general election, while the party also plans to put an industrial strategy council on a statutory footing as part of efforts to boost British industries.
Mr Reynolds promised a bright future if Labour takes office.
“Labour is ambitious for Britain’s future and our plans will bring investment and jobs to the industrial heartlands we are so rightly proud of,” he said.
“Britain is a fantastic place to work, grow or start a business, but firms need a government that will fight for them in an increasingly competitive global race.
“Labour will never be complacent about our industrial base.
“We have a plan to ensure the jobs of the future are here in Britain.
“Labour will build the strong economic foundations business needs to succeed: growing our economy with a modern industrial strategy, our plans to make Brexit work, reforms to the apprenticeship levy and business rates to give firms the flexibility they need.”
But Business and Trade Secretary Kemi Badenoch hit out at Labour’s plans.
“The Government has already provided billions in support for the UK automotive sector and other industries, and our forthcoming plan for advanced manufacturing will further cement this Government as one that backs the future of industry in this country,” she said.
“By contrast, the only plan the Labour Party has is one that will wreck the economy by sticking tens of billions of pounds on the Government credit card and leave no money left, all over again.”