Jaguar gets $626m loan guarantee from the UK government to build electric cars

The guarantee granted to support the design, manufacture, and export of electric cars

Jaguar Land Rover Automotive PLC is the holding company of Jaguar Land Rover Limited, a British multinational automotive company with its headquarters in Whitley, Coventry, United Kingdom, and a subsidiary of Indian automotive company Tata Motors.

What Happened?

The UK government has signed off on a 500 million-pound ($626 million) loan guarantee to Jaguar Land Rover to encourage the company to build electric cars.

The loan would help Britain’s biggest carmaker, Jaguar, sell a new generation of electric cars to help the country meet its environmental commitments.

Why It Matters

Prime minister Theresa May held roundtable talks with car manufacturer executives including Aston Martin, BMW, Nissan, and Vauxhall as well as energy groups BP, Shell, and National Grid.

During the said meeting, the companies agreed to set up a green mobility transition board that will formally bring together government, industry and environmental groups to coordinate plans for a switch from traditional to electric vehicles.

Also, the UK government is planning to introduce legislation requiring the installation of charge points for electric vehicles in all new housing.

The Financial Times quotes transport secretary Chris Grayling saying:

“With record levels of ultra-low emission vehicles on our roads, it is clear there is an appetite for cleaner, greener transport … home charging provides the most convenient and low-cost option for consumers.”

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