JLR secures GBP560m China revolving loan facility
Jaguar Land Rover (JLR) says its Chinese subsidiary has inked a three-year GBP560m revolving loan facility, but is declining to comment on reports it has asked the British government for GBP1bn (US$1.3bn) in aid.
"We are in regular discussion with government on a whole range of matters and the content of our private discussions remains confidential," said JLR in a statement sent to just-auto.
"Jaguar Land Rover's Chinese subsidiary, Jaguar Land Rover (China) Investment has signed a GBP560m three-year revolving loan facility with a syndicate of five Chinese banks."
In common with many companies, JLR is gradually resuming production and as of two weeks ago, manufacture of Jaguar and Land Rover vehicles resumed at Nitra (Slovakia) and Graz (Austria).
The team at the Engine Manufacturing Centre in Wolverhampton (UK) started building Ingenium engines again to enable the gradual return to vehicle production. Manufacturing will resume at Halewood (UK) on 8 June, starting with one shift.
Small pockets of business-critical activity are taking place at Castle Bromwich as Jaguar Land Rover prepares for new model year introductions.
The company's joint-venture plant in Changshu (China) has been operational since the middle of February as vehicle sales recover there and customers return to showrooms following the easing of the lockdown.
"As countries are relaxing distancing guidelines and retailers are reopening around the world, the restart of production at the company's other plants will be confirmed in due course," added a JLR statement.