(MENAFN-Caribbean News Global)

By Caribbean News Global

London, England – Jaguar Land Rover Automotive plc has received a £500million export development guarantee which will support the research, development and export of battery electric vehicles, International Trade Secretary Anne-Marie Trevelyan said on January 31.

Anne-Marie Trevelyan, Secretary of State for International Trade said:

“We are supporting our ambitious net zero plans with more concrete actions. We want our automakers to ramp up production of electric vehicles in the UK. This agreement from UK Export Finance will help Jaguar Land Rover continue to sell the best of Britain to the world, while creating jobs, boosting manufacturing and leveling up across the UK.

The UK Export Finance press release said: “UK Export Finance (UKEF) has guaranteed 80% of a new £625m loan from 12 commercial banks, under its Business Development Guarantee Scheme. Exports (EDG) designed to generate major investment in UK exporters”. adding. “Supporting the production of electric cars in the UK is a key part of the Prime Minister’s ten-point plan for a green industrial revolution. The government is also directly investing over £850m to develop the UK’s cleaner vehicle supply chain to ensure our car industry remains competitive for years to come and has backed over £2bn sterling of commercial investment in the industry’s export capacity through UKEF. .”

Jaguar Land Rover is one of the UK’s largest exporters and employs over 28,000 UK-based people. More than 80% of vehicles built by Jaguar Land Rover in the UK are sold globally and three of its seven global technology hubs are based in Manchester, Warwick and London. In 2020-21, the company sold 439,588 vehicles in 127 countries, with around 80% of its sales in export markets outside the UK.

“This loan will support Jaguar Land Rover’s plans to invest around £2.5bn a year, which is expected to reach £3bn by March 2026, to increase the number of battery electric vehicles in its range. models as part of its Reimagine strategy,” said UK Export Finance. in a press release published on Sunday, January 31.

Exports Minister Mike Freer MP said:

“Jaguar Land Rover is one of Britain’s largest car manufacturers. It supports the livelihoods of thousands of people across the country and its success is based on exports. UK Export Finance has secured another major investment for the UK automotive industry which will safeguard jobs and prioritize sustainability.

Jaguar Land Rover was previously the first UK company to take part in UKEF’s EDG scheme in 2019 and has now received over £1bn in loans under the scheme. Since the last loan, Jaguar Land Rover has significantly accelerated plans to expand its range of fully electric vehicles as part of its new Reimagine strategy with plans to offer new all-electric Jaguar models from 2025 and six purely electric Land Rover variants over the next one. five years, reads the press release.

Adrian Mardell, Jaguar Land Rover Chief Financial Officer, said:

“Jaguar Land Rover is delighted to have worked with UK Export Finance again on this new EDG facility. This will help support the significant investment in our transition to deliver a fully electrified product portfolio and to achieve our net zero emissions target. of carbon by 2039.

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