£500 million loan guarantee announced for Ford

UK Export Finance has said that a financial guarantee of £500 million will help boost Ford of Britain’s export activities, promote investment into reducing vehicle emissions and secure thousands of British jobs.

During a visit to Ford of Britain’s engine production plant in Dagenham, International Trade Secretary Liz Truss announced that Ford has received a £625 million loan facility from commercial banks with support from a £500 million guarantee from UK Export Finance (UKEF).

Ford of Britain is one of the UK’s largest exporters and the company already exports to more than 15 countries in six continents, with overseas sales generating around £2.5 billion annually.

The loan will increase Ford’s capacity to: export from the UK; support investment into electrification, digital manufacturing and smart mobility solutions; and upskill its UK workforce to safeguard thousands of highly skilled jobs at the Ford Britain Dunton Campus in Essex and engine production centre in Dagenham.

Ford is reinventing its product development and manufacturing processes in the UK to reduce vehicle emissions and make the UK campus its global innovation centre. To that end, Ford will be launching its first all-electric Transit Van in 2021.

Truss said: “This deal firmly puts the UK at the heart of Ford’s plans to grow its export business, reduce emissions and support skilled manufacturing jobs. A thriving automotive industry is vital to the success of the UK economy. It brings prosperity and security to manufacturers across the country. That’s why we are putting its needs at the heart of our strategy to remove barriers to trade when negotiating free trade deals.”