UK Export Finance said in a Jan. 31 statement that Jaguar Land Rover would receive a £500 million ($670 million) government loan to support britain's largest automaker in switching to electric vehicles.
The U.K. Department of Export Finance said the five-year loan, as part of the UK's Export Development Guarantee Scheme, will help boost Jaguar Land Rover's battery-powered vehicle development and exports.
Jaguar Land Rover has previously announced plans to discontinue internal combustion locomotives under the Jaguar brand by 2025, while the Land Rover brand will launch its first all-electric model in 2024.
In addition, the UK government will directly invest more than £850 million in developing the country's supply chain for clean cars and supporting more than £2 billion in commercial investment through the UK Export Finance Department.
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