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Tata Motors JLR gets UK loan guarantee for EVs

London: Tata Motors owned Jaguar Land Rover (JLR) said it will receive a 500 million pound guarantee from the UK government to underwrite a planned 625 million pound loan facility from commercial banks to develop the next generation electric vehicles and future mobility solutions.

Tata Motors owned Jaguar Land Rover (JLR), on Tuesday said it will receive a GBP 500 million guarantee from the UK government

The UK’s largest automotive exporter said the guarantee for the loan comes from the UK Export Finance, the UK’s export credit agency, and will provide the guarantee under a new General Export Facility to support UK exports.

JLR had unveiled plans to produce a range of new electrified vehicles in the UK as it prepares to offer electrified options for all Jaguar and Land Rover models from 2020.

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