JLR gets £500m from government to develop electric cars

Jaguar Land Rover has been awarded a £500 million loan guarantee by the UK Government to help develop electric cars.

The move was signed off by Theresa May, and she told a meeting of industry leaders on Monday (16th July) that the funding would be made up of £500 million from UK Export Finance - the government-backed credit agency - and a further £125 million from commercial lenders.

Reports say that Mrs May met with representatives from companies including Jaguar Land Rover, Aston Martin, Vauxhall, and Nissan, plus energy firms including the National Grid, BP and Shell. She told those assembled that the government was committed to supporting the car industry in a switch to electric vehicles.

Earlier this month JLR announced significant investment in its Castle Bromwich plant as the company plans to build electric cars there, including the next-generation pure-electric Jaguar XJ saloon.

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Chris Lilly

Author:Chris Lilly
Date Updated:16th Jul 2019

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