Jaguar Land Rover (JLR) has secured a £500 million ($884 million) loan guarantee from the British Government, having last week announced plans to build its next-generation electric vehicles in the UK.
The guarantee was made by the UK Export Finance agency, and is designed to give the struggling carmaker a leg-up in the race to develop electric vehicles, according to reporting by The Guardian.
Theresa May announced the guarantee at a round-table meeting of carmakers at Downing Street in London. The British Prime Minister laid out plans to boost electric vehicle adoption, including a plan to make England the first country to make electric charging points mandatory in new homes.
Last week, Jaguar Land Rover announced it will make the next-generation XJ a pure-electric sedan, and committed to re-tooling the Castle Bromwich factory to create the "UK's first premium electrified vehicle plant".
It's a move that will preserve at least 2500 jobs in Britain, according to the company. The same factory recently voted to move to a four-day week as Jaguar Land Rover looks to slash costs.
To support its new electric plans, Jaguar Land Rover called for the British government and industry to invest in 'giga-scale battery production' to 'support and grow' the existing vehicle supply chain.