With decreasing sales and a worsening economy, Jaguar Land Rover is now intensifying its appeal for a bailout. The company is looking for £1 billion ($1.3 billion USD) to help it through the current economic crisis.
Business secretary Lord Mandelson appears to be sympathetic to the automaker, telling Autocar that “the car sector – car manufacturing – is a center of real excellence and competitive strength in our country.” Mandelson claims the government is “analyzing the situation very carefully,” though the final decision on the bailout rests with Prime Minister Gordon Brown.
In his appeal for the bailout, Jaguar Land Rover’s CEO David Smith said “Governments need to support the automotive industry. A deal is needed. Dealers and suppliers are finding it very difficult.” His statements come after news of the French and Swedish governments giving bailouts to their automakers.
Source: Autocar