Ford Gets UK Loan Guarantee
“Ford has an impressive track record in research and development. Its investment of GBP1.5bn over the next five years is a great opportunity to take the lead in developing low carbon manufacturing. This backing from the government will help to ensure the long term success of manufacturing in the UK and make sure we are at the forefront of new technologies,” the business minister was quoted as saying by just-auto.com
The UK will provide 360 million pounds in loan guarantees for Ford's needs. The carmaker will use the money to research and develop commercial vehicles (Transit and Connect vans) and the development of low carbon emission diesel and petrol engines.
The investments include upgrades to existing UK facilities, including the ones in Bridgend, Dunton, Dagenham and Southampton. Since Ford is no longer manufacturing vehicles in the UK, all the money will go into R&D and engine production (25 percent of all Ford engines are made in the UK).
"This EIB loan, and the loan guarantee from the UK government, will help to unlock up to GBP1.5bn in low carbon and environmentally friendly engine and vehicle technology investment over the next five years,” said Joe Greenwell, Ford of Britain chairman.
"This is a testament to the skills and capabilities of our UK workforce and demonstrates the scale of our commitment to Britain."