“We are also hopeful of soon being able to access the approved £340m European Investment Bank loan in support of our future product and environmental technology development, also through commercial means.”
Business Secretary Lord Mandelson welcomed JLR’s new funding, saying: “This is a good and encouraging outcome for JLR, its workforce and its supply chain.”
Halewood will still lose up to 300 jobs at the end of the year when it ceases production of the Jaguar X-Type earlier than planned.
But Mr Wheeldon said Tata’s achievement in accessing funds and sidestepping Government involvement in its business bodes well for the future. Right from the start, Tata management has, in my view, always appeared to have the will to succeed.
“Unlike the current UK Government living out the last few months of its existence hardly having a clue what to do next, JLR workers and customers can at least be reassured that they have decent management in charge. It shows tremendous commitment by the new Indian owners of Jaguar Land Rover.”
