Hyperdrive
Jaguar Land Rover Gets $670 Million U.K. Loan for Electric Cars
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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.