£500m for Jaguar Land Rover to develop EVs

A £500 million guarantee from UK Export Finance (UKEF) will help support Jaguar Land Rover’s continued investment into research and development of the next generation electric vehicles and future mobility solutions.

As part of its Destination Zero strategy: zero emissions, zero congestion, zero accidents, Jaguar Land Rover is developing autonomous, connected, electric and shared mobility technology, which will feature in a growing number of Jaguar and Land Rover models exported around the world in the future.

Outgoing Prime Minister Theresa May said the loan guarantee would help Britain’s biggest carmaker sell the next generation of electric cars around the world, as she spoke to industry leaders at Downing Street about plans for England to become the first country to introduce mandatory electric car charging points in new homes.

Jaguar revealed plans earlier this month to invest billions of pounds in building an electric version of the Jaguar XJ saloon at its Castle Bromwich factory.