Jaguar Land Rover gets £500 million guarantee from UK | World News - Hindustan Times
close_game
close_game

Jaguar Land Rover gets £500 million guarantee from UK

Hindustan Times, London | By
Jul 16, 2019 05:44 PM IST

Keen to push industry on electrified vehicles, Prime Minister Theresa May held a roundtable in Downing Street with representatives of leading automotive manufacturers on Monday, confirming the guarantee to Tata-owned Jaguar Land Rover from credit agency UK Export Finance.

Tata-owned Jaguar Land Rover, which earlier this month announced a new range of electrified vehicles, has been extended a £500 million guarantee by the UK government to support the company’s design and manufacture of the range and its export activities.

The UK has made a major commitment through its £274 million investment in the Faraday Battery Challenge and earlier investments through the Automotive Propulsion Centre.(Reuters file photo)
The UK has made a major commitment through its £274 million investment in the Faraday Battery Challenge and earlier investments through the Automotive Propulsion Centre.(Reuters file photo)

Keen to push industry on electrified vehicles, Prime Minister Theresa May held a roundtable in Downing Street with representatives of leading automotive manufacturers on Monday, confirming the guarantee to JLR from credit agency UK Export Finance.

Hindustan Times - your fastest source for breaking news! Read now.

Infrastructure to charge electrified vehicles is one of the major challenges in the push. The representatives said the UK should build on its strengths in the development of next generation battery technology, officials said.

The UK has made a major commitment through its £274 million investment in the Faraday Battery Challenge and earlier investments through the Automotive Propulsion Centre. Building a Gigafactory – a large-scale battery technology factory for electric vehicles – is one of the plans.

The Gigafactory is a major manufacturing facility producing ‘cells’ which are the basic building blocks of a battery. Carmakers are expected to source cells from supplier and assembly into battery packs. For example, a factory making 200,000 electric vehicles, each with a 75kWh battery pack, would have a cell requirement of 15GWh.

May set out new commitments aimed at making electric vehicles more convenient to own, such as making England the first place in the world where every new-build home will be fitted with an electric car charge-point.

She also committed to bringing forward plans to regulate charge-points so that they use ‘smart’ technology which will send signals to electric vehicles to charge them at different times of the day, encouraging off-peak charging to keep costs down for consumers and helping prepare the energy system for mass uptake of electric vehicles

The UK government’s ambition is for better access to rapid charge-points by 2030.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away! - Login Now!

Get Latest World News along with Latest News from India at Hindustan Times.
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Prasun Sonwalkar was Editor (UK & Europe), Hindustan Times. During more than three decades, he held senior positions on the Desk, besides reporting from India’s north-east and other states, including a decade covering politics from New Delhi. He has been reporting from UK and Europe since 1999.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On