(Bloomberg) -- Jaguar Land Rover will get a 500 million pound ($670 million) state-backed loan to support the U.K.’s biggest carmaker in its shift to making electric vehicles.
The five-year loan will help boost JLR’s research, development and export of battery-powered cars as part of the country’s Export Development Guarantee program, U.K. Export Finance said Monday. Prime Minister Boris Johnson is eager to build up a local battery-making industry as the U.K. prepares to ban sales of new cars powered only by gasoline and diesel engines by 2030.
JLR has previously announced plans to completely ditch combustion engines at Jaguar, the smaller of the two brands, by 2025, while Land Rover will get its first fully electric model in 2024.
