JLR Gets UK Loan of $670 Million for Electric Vehicles

Jaguar Land Rover (JLR) is going to be getting a loan of 670 million dollars, which is state-sponsored for the purpose of shifting towards the development and manufacturing of the electric vehicles, and it has been a loan for five years that has been intending for the purpose of pushing the research and development of the automobile company and also helping in the exports of the cars that are battery powered as a part of the Export Development Guarantee Program of the country.

Boris Johnson, prime minister of the United Kingdom is also wanting for establishing of a local battery producing industry as the United Kingdom has been aiming for banning the sales of the internal combustion engine vehicles by the year 2030, and the company has previously stating that, Jaguar is going to stop the manufacturing conventional fuel vehicles by the year 2025. Land River is going to be introducing the company’s first model that will be fully electric in the year 2024.

Jaguar Land Rover has also been taking some additional steps for the purpose of making itself a more brand that is going to be sustainable apart from the planning for the electrification, and in the year 2021, the company has led the use of the block chain technology in the digital supply chain of Jaguar Land Rover for the purpose of leathering to make sure the complete transparency and sustainability.