Jaguar Land Rover will get a £500m ($670m or roughly R10.3bn) state-backed loan to support the UK’s biggest carmaker in its shift to making electric vehicles.
The five-year loan will help boost JLR’s research, development and export of battery-powered cars as part of the country’s Export Development Guarantee programme, UK Export Finance said Monday. Prime Minister Boris Johnson is eager to build up a local battery-making industry as the UK prepares to ban sales of new cars powered only by petrol and diesel engines by 2030.
JLR has previously announced plans to completely ditch combustion engines at Jaguar, the smaller of the two brands, by 2025, while Land Rover will get its first fully electric model in 2024.
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