Jaguar and Land Rover Strapped For Cash
JLR (Jaguar Land Rover) expects a loan of about 1 billion pounds in order to maintain thousands of workers in Britain. The company employs about 15,000 workers in the UK, a country whose car industry is stumbling because of the global economic crisis.
The Sunday Times states that Gordon Brown considers granting JLR the loan and that the verdict would come in a couple of weeks.
"The automotive industry is facing unprecedented trading conditions as a direct fall out of the banking crisis and turbulence in financial markets and we are of course keeping government appraised of the impact on our business," stated a spokesman for JLR.
Jaguar and Land Rover were bought by Indian car manufacturer Tata Motors from Ford for $2.3 billion. The British automakers have suffered a downturn in sales like the rest of the industry, but this was especially bad for Land Rover who suffered 37% losses on the US and British market.
Jaguar hopes to refresh their sales figures with their new XF, a saloon car that promises great looks and a nice drive, but also the Jaguar XK8 the direct descendant of the E-Type. The XF features touchscreen sat-nav, keyless go, big V8 engines, but also a 2.7-liter diesel that might be a high seller.
Land Rover are relying on the products that established the brand such as the Range Rover, the Freelander, the Discovery, and the Range Rover Sport.