UK encourages homegrown EV tech with £500-million loan guarantee for JLR

At a roundtable with CEOs and other leaders in the car and energy industries, former UK Prime Minister Theresa May outlined the government’s commitment to the country’s struggling auto industry and called for the UK to stay at the forefront of the design and manufacturing of EVs.

May confirmed that Jaguar Land Rover will receive a £500-million loan guarantee from government export credit agency UK Export Finance. This will support the company’s design and manufacture of the next generation of EVs and its export activities.

The meeting is part of a range of actions by the government to support the auto industry. The UK has already invested £274 million in the Faraday Battery Challenge and made earlier investments through the Automotive Propulsion Center.

At the roundtable, attendees agreed to establish a Green Mobility Transition Board, which will formally bring together government, industry, and environmental groups to coordinate efforts to speed up the adoption of ultra-low-emission vehicles.

The Prime Minister set out a number of new commitments aimed at making EV ownership more convenient, including:

  • Plans to fit every new home fitted with an EV charging station
  • Plans to regulate chargers to require smart technology that facilitates off-peak charging
  • New rapid and higher-powered chargepoints to provide “pay as you go” debit or credit card payment options by spring 2020

Source: UK Government