The eight-year loan will be used for the development of full hybrid drive trains and more energy efficient car bodies, destined for the future JLR cars. As this research will help the company reduce C02 emissions, the loan has been provided under the European Clean Transport Facility.
“We are very happy with the support extended to us by the European Investment Bank, State Bank of India, Credit Suisse, and other banks. This will support the progress of turnaround in Jaguar Land Rover's business in challenging market conditions, alongside cost cutting measures, increase of volumes and the improved margins strategy currently being implemented by Jaguar Land Rover. We view Jaguar Land Rover as a key part of Tata Motors and we feel confident about its outlook for the future.” said Ravi Kant, Vice Chairman of Tata Motors.
“The EIB is pleased to be able to work closely with Tata Motors and Jaguar Land Rover to make a lasting contribution to automotive research that will enable the production of more environmentally friendly and energy efficient vehicles at a time of significant challenges for the European car industry.” added Simon Brooks, European Investment Bank Vice President.
The carmaker is rumored to be preparing a hybrid version for the XJ. The hybrid powertrain might also make its way to some of the models in the Range Rover line-up, as the next generation of the Range Rover is expected to share its platform with the JX.