JLR to get £500-million UK loan guarantee to develop next generation EVs

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

Tata Motors owned Jaguar Land Rover (JLR) on Tuesday said it will receive a £500-million guarantee from the UK government to underwrite a planned £625 million loan facility from commercial banks to develop the next generation electric vehicles and future mobility solutions.

Tata Motors-owned Jaguar Land Rover (JLR), on Tuesday said it will receive a 500-million-pounds guarantee from the UK government. 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 UK exports.

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