EV Boost For JLR With Government Loan

Paul Myles

TU-Editor

---

16th July 2019

The UK government has offered a half billion pound loan ($627M) to its largest domestic automaker in a bid to supercharge the rush to transport electrification.

It is hoped the funds will boost Jaguar Land Rover’s existing commitment to make the switch to BEVs with its own investment in a plant dedicated to electrified powertrains. The loan, amortized over five years, comes in the shape of a guarantee from UK Export Finance (UKEF) for a planned £625M ($783) 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 seen as key to the nation weathering a potentially disastrous crash out of the European Union.

JLR says the extra monies will be used to augment its investment into research and development of the design and manufacture of next generation electric vehicles and future mobility solutions. This includes the launch of a ninth generation flagship XJ model for the first time with an all-electric powertrain.

The automaker adds that, as part of its Destination Zero strategy: zero emissions, zero congestion, zero accidents, it is developing autonomous, connected, electric and shared mobility technology, which will feature in a growing number of Jaguar and Land Rover models. JLR says it continues to implement Project Charge, its £2.5Bn ($3.1Bn) program to improve long-term profitability and cash flow.

— Paul Myles is a seasoned automotive journalist based in London. Follow him on Twitter @Paulmyles_