Following confirmation of Jaguar's reinvention as an all-electric brand almost a year ago, there's been precious little about how that might actually be achieved. Now there's some good news - very good, in fact. As part of the government's plan to accelerate electric vehicle progress, it is guaranteeing 80 per cent - or £500m - of a £625m, five-year loan. The money is coming from 12 commercial banks, with the half a billion majority designated as an 'Export Development Guarantee' under the auspices of the UK Export Finance. The administration wants to back prominent UK exporters - of which JLR is quite clearly one, exporting more than 80 per cent of what it makes - and is using loan guarantees as part of the plan. Given how automotive has suffered over the past couple of years (and Jaguar in particular), the money could hardly come at a better time.
Adrian Mardell, JLR's Chief Financial Officer, said: "Jaguar Land Rover is pleased to have worked again with UK Export Finance on this new EDG facility. This will help support the significant investment in our transition to offer a fully electrified product portfolio and to achieve our target of net zero carbon emissions by 2039." The latest Export Development Guarantee actually pushes JLR over £1bn of loans under the scheme, and it'll need more than a few plug-in Range Rovers to make that investment seem worthwhile.
Fortunately, Jaguar has also confirmed this week that it will build its own electric vehicle platform. Having looked at external suppliers, the decision was made by CEO Thierry Bollore to go its own way - doubtless with one eye on incoming investment. Confirmed in an investor call, Bollore explained that the manufacturer needed design proportions and capabilities not possible with any other architecture, and therefore it was critical to go in its own direction. The platform will be called 'Panthera', because of its big cat link, set to underpin "distinct cars with no overlap". Apparently proportions and design have dictated scale, rather than the other way around, which is an exciting development for a brand with such iconic design heritage. Probably helps having Gerry McGovern on the board, too.
The electric Jaguars are due in 2025, which seems a little way off but really isn't long when it comes to car development. And the EV strategy isn't merely confined to Jag, of course, with the electric Range Rover due in a couple of years and all the others we don't know about just yet. The new models will obviously build on the fine work done by the deeply impressive I-Pace. For its maker - and the taxpayer - its next giant step can't come quick enough.
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