First reported by Sky News over the weekend, it is understood that Jaguar Land Rover is looking for a loan from the government as a temporary bail out, to keep it a float. JLR is said to have submitted a request to the government for a loan of over £1 billion. Some reports have speculated the loan could be as high as £2 billion. However, a spokesperson from JLR has said this is “inaccurate and speculative.”
JLR has said:
”We are constantly in discussion with government on a whole range of matters relating to COVID and we will not discuss details which are confidential and private.”
Jaguar Land Rover
Jaguar Land Rover is owned by Tata Motors in India, which acquired Jaguar Cars Limited and Land Rover from Ford in 2008. JLR currently has 38,000 employees in the UK and 18,000 of those have been furloughed.
Jaguar Land Rover recently started production up again at its factory in Solihull, after it had been shut down for a few months. It manufactured the first Range Rover last week under the new social distancing rules.
Source: Sky News