Ready for JLR's range-wide electrification? There's a £500m loan to make sure it happens...
, there's been precious little about how that might actually be achieved. Now there's some good news - very good, in fact. As part of the government's plan to accelerate electric vehicle progress, it is guaranteeing 80 per cent - or £500m - of a £625m, five-year loan. The money is coming from 12 commercial banks, with the half a billion majority designated as an 'Export Development Guarantee' under the auspices of the UK Export Finance.
Adrian Mardell, JLR's Chief Financial Officer, said:"Jaguar Land Rover is pleased to have worked again with UK Export Finance on this new EDG facility. This will help support the significant investment in our transition to offer a fully electrified product portfolio and to achieve our target of net zero carbon emissions by 2039.
Fortunately, Jaguar has also confirmed this week that it will build its own electric vehicle platform. Having looked at external suppliers, the decision was made by CEO Thierry Bollore to go its own way - doubtless with one eye on incoming investment. Confirmed in an investor call, Bollore explained that the manufacturer needed design proportions and capabilities not possible with any other architecture, and therefore it was critical to go in its own direction.
The electric Jaguars are due in 2025, which seems a little way off but really isn't long when it comes to car development. And the EV strategy isn't merely confined to Jag, of course, with the electric Range Rover due in a couple of years and all the others we don't know about just yet. The new models will obviously build on the fine work done by the deeply impressive I-Pace. For its maker - and the taxpayer - its next giant step can't come quick enough.
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