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No 10 hands Jaguar Land Rover £500m loan assurance to create electric cars

The government has handed Jaguar Land Rover a £500m loan assurance to help quicken its encouraging in the global electric vehicle race.

Theresa May said the loan guarantee would help Britain’s greatest carmaker to sell the next generation of electric cars around the globe. She told a meeting of industry leaders at Downing Street on Monday that the funding pot would incorporate £500m from UK Export Finance close by another £125m from commercial lenders.

The roundtable talks included executives from Aston Martin, BMW, Nissan and Vauxhall as well as energy groups BP, Shell and National Grid.

The organizations have consented to set up a green mobility transition board that will officially unite government, industry and environmental groups to coordinate plans for a change from conventional to electric vehicles.

May told the get-together that the government was committed to supporting the UK’s automotive sector and anticipated that it should stay at the forefront of the design and manufacturing of electric vehicles.

She set out various commitments to expand electric vehicle use, including plans for England to become the first nation to present compulsory electric car charging points in new homes. There are less than 200,000 all electric vehicle on UK streets.

Under the government’s plans, outlined by the Department for Transport, all new-build homes ought to be fitted with an electric car charge point to get ready for developing quantities of ultra-low-emission vehicles on UK streets.

The government is likewise looking for perspectives on how to use “smart” charging technology, which uses algorithms to automatically charge parked cars when electricity costs are at their least.

Chris Grayling, the transport secretary, stated: “[It is] clear there is an appetite for cleaner, greener transport. Home charging provides the most convenient and low-cost option for consumers – you can simply plug your car in to charge overnight as you would a mobile phone.”

This month Jaguar uncovered plans to invest billions of pounds in building an electric rendition of the Jaguar XJ saloon at its Castle Bromwich factory. The recommendations incorporate a noteworthy update of the plant, situated in the outskirts of Birmingham, protecting the occupations of 2,500 individuals in what is a troubled time for the business. The carmaker has guaranteed that from one year from now it will offer clients an electric version of every one of its models.

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