Jaguar Land Rover Automotive plc has received a £500 million Export Development Guarantee which will support the research, development and export of Battery Electric Vehicles.
UK Export Finance (UKEF) guaranteed 80% of a new £625 million loan from 12 commercial banks, under its Export Development Guarantee (EDG) programme designed to drive major investments into UK exporters.
Jaguar Land Rover is one of the UK’s largest exporters and employs over 28,000 staff based in the UK. Over 80% of the vehicles built by Jaguar Land Rover in the UK are sold to the world and three of its seven global technology hubs are based in Manchester, Warwick & London. In 2020-21, the company sold 439,588 vehicles in 127 countries, with about 80% of its sales to export markets outside the UK.
This loan will support Jaguar Land Rover’s plans to invest about £2.5 billion a year, expected to reach £3 billion by March 2026, to increase the number of Battery Electric Vehicles in its model lineup under its Reimagine Strategy.
Anne-Marie Trevelyan, Secretary of State for International Trade said: “We are backing our ambitious net zero plans with more concrete action. We want our carmakers to accelerate the production of electric vehicles in the UK.
“This deal from UK Export Finance will help Jaguar Land Rover continue to sell the Best of British to the world, while creating jobs, boosting manufacturing and levelling up across the UK.”
Keyword: £500m guarantee supports Jaguar Land Rover’s electric vehicle plans