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2009 Issues Archive
19 August 2009
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Tata’s private funding victory stabilises Jaguar future
The future of Jaguar Land Rover (JLR) has become steadier after the manufacturer’s Indian owners secured £175 million in private sector funding.
It means that JLR, which has been in months of negotiations with the government over funding, will not now need state money.
Tata Motors of India bought JLR from Ford last year and first approached the government for funding last September.
The Jaguar XF, XJ and XK models are manufactured at JLR’s Castle Bromwich plant in Birmingham, while the Jaguar X-type is produced alongside the Land Rover Freelander 2 at the Halewood plant in Liverpool.
Land Rover’s Defender, Discovery 3, Range Rover Sport and Range Rover models are built at the Solihull plant.
JLR employs nearly 15,000 people, including 3,500 engineers at two product development centres at Whitley in Coventry and Gaydon in Warwickshire.
JLR chief executive David Smith said: “It is a positive sign for our business that we have been able to attract sufficient funding for our short-term needs through normal commercial means.
“This has always been our desired route and it clearly demonstrates recognition of the inherent strength in our business and faith in our future business plans.
“We are also hopeful of soon being able to access the approved £340 million European Investment Bank loan in support of our future product and environmental technology development.
“The environment is still very challenging.”
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© PE Publishing, 19 August 2009
