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UK government puts $620 million behind Jaguar Land Rover's EV push

The loan gives the UK skin in the global EV race.
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ASSOCIATED PRESS

The UK government is continuing its electric vehicle push by giving Jaguar Land Rover a £500 million ($620 million) loan guarantee to help advance its position as a global EV maker. This means that should Jaguar Land Rover default, the government will assume its debt obligations up to that amount. The funding pot, from UK Export Finance, is designed to give the UK a foothold in the EV market, and will help support Jaguar as it invests billions in building an electric XJ saloon at its Castle Bromwich factory. The car maker has also promised that from next year all of its models will be available in an electric version.

The loan guarantee announcement follows news from earlier this month, when the government revealed plans for electric charging points in every new home, street light post and business around the country. The UK has ambitious plans to eliminate the sales of new gasoline and diesel cars by 2040, and by 2050 wants to reduce emissions by 80 percent compared to 1990 levels. Transport Secretary Chris Grayling says government plans aim to provide "one of the most comprehensive support packages for zero-emission vehicles in the world."

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