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UK government puts $620 million behind Jaguar Land Rover's EV push

UK government puts $620 million behind Jaguar Land Rover's EV push

The UK government is continuing its electric vehicle push by giving Jaguar Land Rover a £500 million ($620 million) loan guarantee to help advance its position as a global EV maker. This means that should Jaguar Land Rover default, the government will assume its debt obligations up to that amount. The funding pot, from UK Export Finance, is designed to give the UK a foothold in the EV market, and will help support Jaguar as it invests billions in building an electric XJ saloon at its Castle Bromwich factory. The car maker has also promised that from next year all of its models will be available in an electric version.