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25 May

2020

By: Admin |May 25, 2020 |

Jaguar Land Rover in alleged £1bn loan discussion with the UK Government

Media reports are circulating around alleged talks between Jaguar land Rover Limited (JLR) and the UK government for a loan in excess of £1 billion. Neither JLR or the government have confirmed that talks regarding a loan are talking place.

Sky claim that the Department for Business, Energy and Industrial Strategy (BEIS) are in discussions for a bespoke loan package with the motor manufacturer who are believed to employee approximately 38,000 people.

In April JLR reported close to a 31% decrease in their sales during the final quarter of the 2019/20 financial year. This comes on the back of the ongoing world wide pandemic which has seen new car sales levels dip across the motoring industry to those last seen in 1940's post war Britain.

The Society of Motor Manufacturers and Traders claim that each day car dealerships remain closed the UK economy looses £61 million. Dealerships are hoping to reopen on 1st June but this is yet to be confirmed.

JLR had closed their Solihull factory in March along with other manufacturing plants across the UK and Europe. The Solihull site has now reopened with Halewood planned to open in early June. On 21st May the first Range Rover produced under new social distancing measures rolled off the production line at Solihull.

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