Jaguar Land Rover Asks for Bailout
Jaguar Land Rover is currently trying to secure a £773 million ($1.1 billion) bailout package in an attempt to save several thousand jobs.
The bailout package the automaker is attempting to secure includes a £500 million ($733 million) loan from the British government and a £273 million ($400 million) loan from the European Investment Bank (EIB). The company confirmed today that it is talking with the British government about the possible loan. Jaguar Land Rover has also filed the necessary application to receive the loan from the EIB.
A decision on the loan from the EIB is expected after its board meeting on Tuesday. However, Jaguar Land Rover has been given no indication whether or not it will see any money from the British government, and if the company does receive government aid, when it will see the money.
Ratan Tata, owner of parent company Tata, has warned Jaguar Land Rover’s workforce that if the company does not receive the money, people may lose jobs. A company spokesman said, “Talks with the government within the framework of the recently announced support package continue and we hope we will see support.”