Jaguar Land Rover has received the welcome news of a £500 million loan guarantee to assist the company’s electric vehicle (EV) development efforts.
The announcement was made at an automotive round-table event by outgoing Prime Minister Theresa May, will allow the car giant to more easily secure credit, loans, and direct funding as it develops more zero-emissions vehicle technology.
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The guarantee is not a loan in itself, but instead acts as a guarantee that any loans or funding taken out by the company is backed, and would be paid out by the UK government in the event of Jaguar Land Rover defaulting on payments. The fund was issued in this case by UK Export Finance.
The firm revealed plans to produce a range of EV’s from it’s Castle Bromwich plant in Birmingham, and follows shortly after the announcement of the marque’s launch of what it considers the largest EV smart-charging facility in the UK.