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JLR’s EV Vow Lands $636 Million Loan Guarantee
A pledge by Jaguar Land Rover Ltd. to build a range of electrified vehicles in England has netted a $636 million loan guarantee from the British government.
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A pledge by Jaguar Land Rover Ltd. to produce a range of electrified vehicles in England has netted a £500 million ($636 million) loan guarantee from the British government.
The government backing will come through the U.K.’s Export Finance agency. JLR confirmed on July 4 that it will retool its factory in Castle Bromwich, England, to build several hybrid and all-electric models, all riding on the carmaker’s new modular longitudinal platform.
The project, described by JLR as the most extensive ever for the facility, will enable it to produce the vehicles on variants of the company’s new flexible modular longitudinal architecture chassis. JLR says the plan will protect several thousand jobs in the U.K.
The first of the EVs will be an all-electric version of Jaguar’s flagship XJ large sedan.
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