Jaguar just secured a massive loan to help build EVs
Photo: Jaguar
Jaguar’s plan to help build new EVs
Jaguar Land Rover recently secured a £500 million loan – at today’s rates that’s almost $630 million – from the British government that will be used to build a range of new electrified vehicles.
According to Inside EVs, the guarantee came after a roundtable meeting between current Prime Minister Theresa May and a number of car companies with production operations in the United Kingdom. The UK is clearly serious about its zero-emissions goals, and this deal will help the British automaker deliver that goal.
What the future brings
Jaguar currently offers just one EV, the I-Pace. The I-Pace has helped prove that Jaguar Land Rover can make competent EV offerings, and the company’s next flagship sedan – the reincarnation of the XJ – will be the companies second dedicated EV.
But the companies EV future isn’t limited to the I-Pace and the next iteration of the XJ. The company plans to overhaul their manufacturing plant in Castle Bromwich in order to produce an electrified version of all of its cars. Right now this plant builds the current XJ, but that model is already on its way out and the next version of it will be built in a totally different location.
The company has also introduced its new Modular Longitudinal Architecture that will serve as the basis for all of its upcoming electric vehicles.
With the ninth-generation XJ on its way and the MLA platform already in place, this loan only helps secure Jaguar’s electrified future.
By Nicholas Yekikian
Borrow is an electric vehicle subscription company with one goal: to make driving an EV as simple and accessible as possible. Borrow is the only electric vehicle subscription service of its kind with a goal of reducing greenhouse gas emissions and decarbonizing the everyday drive.