TATA Motors-owned Jaguar Land Rover (JLR) on Tuesday (16) said it will receive a £500 million guarantee from the UK government to underwrite a planned £625m loan facility from commercial banks to develop the next generation electric vehicles and future mobility solutions.
The UK's largest automotive exporter said the guarantee for the loan comes from the UK Export Finance (UKEF), the UK's export credit agency, and will provide the guarantee under a new general export facility to support the 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," a JLR statement said.
"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," the statement added.
Earlier this month, JLR had unveiled plans to produce a range of new electrified vehicles in the UK as it prepares to offer electrified options for all Jaguar and Land Rover models from 2020.
The Tata Group company said it continues to implement Project Charge, its £2.5 billion programme to improve long-term profitability and cash flow.
The support was announced after outgoing British prime minister Theresa May held a summit with car and energy industry leaders at 10 Downing Street on Monday (15) morning, during which she outlined her commitment to keep the UK a leader in the global automotive sector and transitioning Britain to electric vehicles.
(PTI)
Bobby Bawa