Jaguar Land Rover has secured a $670 million loan to move into the development and production of electric vehicles, and Jaguar Land Rover aims to introduce its first all-electric vehicle by 2024.
Jaguar Land Rover (JLR) will receive a state-funded loan of $670 million to shift its focus to electric vehicle development and production. This is a 5-year loan to boost the automaker’s research and development activities and support the export of battery-powered cars as part of the country’s Export Development Guarantee program. this, as reported by UK Export Finance.
British Prime Minister Boris Johnson wants to establish a local battery industry as Britain aims to ban the sale of internal combustion engine cars by 2030. Jaguar Land Rover has previously announced that Jaguar will cease production of conventional fuel vehicles by 2025. Land Rover will introduce its first all-electric model in 2024.
JLR is also taking additional steps to make itself a more sustainable brand beyond planning for electrification. Last year, the automaker led the use of blockchain technology in the digital leather supply chain to ensure full transparency and sustainability. This initiative, which is also the first, is part of the brand’s commitment to reducing the environmental and ethical impact of its products throughout their lifecycle. The company has expressed a plan to achieve net carbon emissions across its entire supply chain, products and operations by 2039.
The automaker also reported third-quarter sales results recently. Its retail sales fell 37.6% from the previous year’s figure. However, the production volume of this brand has increased continuously by 41%. JLR’s parent company Tata Motors has stated ongoing semiconductor shortages and rising commodity prices as factors behind the loss. “The semiconductor shortage is expected to continue through 2022 but is expected to gradually improve as capacity in the supply base increases,” it added.
Date of first publication: February 1, 2022, 10:22 AM IST