The losses recorded in the last quarter of last year were greeted with some optimism by Jaguar Land Rover. An optimism also dictated by the state loan that the British group is preparing to receive: we are talking about 500 million pounds, the correspondent of just under 600 million euros, which the local government will allocate to JLR to support the two brands belonging to the group in the race to electrify the range and to produce electric cars, which will go live starting in 2025.
According to Autonews, the five-year loan will help strengthen not only the Research and Development sector, but also the export of battery-powered models by Jaguar Land Rover as part of the country’s Export Development Guarantee program. British Prime Minister Boris Johnson is indeed eager to create a local battery manufacturing industry, at a particular historical stage for the UK as it prepares to ban the sale of new petrol and diesel cars starting in 2030. Also the British group will therefore have to adapt to these regulations: for this reason it should invest up to 2.5 billion pounds a year (which should reach 3 billion pounds by March 2026) to increase the number of battery-powered models in its range, as foreseen by the “Reimagine” strategy.
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