Info
Info

JLR receives £500 million government loan guarantee to build EVs

News

Jaguar Land Rover has received a £500 million ($621 million) loan guarantee from the UK government, after Theresa May hosted automotive industry heads at 10 Downing Street in her final days as Prime Minister.

Info

Jaguar Land Rover, the UK's largest automotive exporter, will receive a £500 million guarantee from UK Export Finance (UKEF) for a planned £625 million ($775 million) loan facility from commercial banks. UKEF is the UK's export credit agency and will provide the guarantee under a new General Export Facility to support UK exports. It will support Jaguar Land Rover's continued investment into research and development of the design and manufacture of next-generation electric vehicles and future mobility solutions.

The fund is not a loan but a state-backed guarantee that will allow Jaguar Land Rover to more easily secure credit and direct funding in order to “support the company's design and manufacture of the next generation of electric vehicles and its export activities”. It effectively means that in the unlikely event that JLR were to default on repaying the loan, the government would step in.

As part of its Destination Zero strategy: zero emissions, zero congestion, zero accidents, Jaguar Land Rover is developing autonomous, connected, electric and shared mobility technology, which will feature in a growing number of Jaguar and Land Rover models exported around the world in the future.

Earlier this month, Jaguar Land Rover unveiled plans to produce a range of new electrified vehicles in the UK as it prepares to offer customers electrified options for all Jaguar and Land Rover models from 2020. The British auto major continues to implement Project Charge, its £2.5 billion ($3.1 billion) programme to improve long-term profitability and cash flow.

The loan is expected to be completed in the coming months and amortise over 5 years.


The Latest News, Brought To You By
JLR receives £500 million government loan guarantee to build EVs
Modified on Tuesday 16th July 2019
Find all articles related to:
JLR receives £500 million government loan guarantee to build EVs
TaaS Technology Magazine
Info
Groupe Renault’s Zity Deploys Electric Car-sharing Service In Paris
All Volkswagen Retail Partners Agree New Sales Model For ID. Family
FCA-ENGIE Eps Begin Work On Vehicle-to-Grid Pilot Project
Octopus Energy Launches Its EV Charging Network In The UK
Scania To Deliver 75 Battery Electric Trucks To ASKO In Norway
Liberty Global Announces New Joint Venture – Liberty Charge
Imperial Battery Logistics Wins Contract
Foresight Joins Leading Global Industry Consortium For Development Of Autonomous Heavy-duty Vehicles
HUBER+SUHNER Enables Continuous EV Charging At 500A
Einride Partners With Oatly To Electrify Transport In Sweden
ŠKODA Scooter Offers Sustainable Mobility For The Last Mile
New Approach To Simulation Set To Revolutionise Autonomous Vehicle Training And Testing
Zipcar Introduces “Instant Access” To Put New Members Behind The Wheel Within Minutes
MANN+HUMMEL Filter Cubes Provide Clean Air In Heilbronn, South Korea And Brazil
NewMotion Appoints Melanie Lane As CEO
Volkswagen Launches First All-electric Van For The UK
Ideanomics’ MEG Secures First Order For Qingdao EV Hub
ZF CeTrax To Go Into Production In Q3 2020
Lucid Motors Announces Jonathan Butler As VP, General Counsel
Mercedes-Benz Bank Offers Extensive Insurance Cover For Electric And Hybrid Vehicles
Mazda Starts Production Of Its First EV, The Mazda MX-30
Ultium Cells Starts Ground Prep On New EV Battery Cell Facility In Lordstown
Nissan Zero Emission Ambulance Becomes Part Of ‘Zero Emission Tokyo’ Initiative
Hyundai Mobis Develops An Artificial Engine Sound Using The Grill Cover Of The EV
Info
Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the TaaS Magazine, the TaaS Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification}