Jaguar Land Rover is expected to get a lifeline from the European Investment Bank on Tuesday when it approves a GBP300m loan for the car maker.
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Jaguar Land Rover, Nissan and General Motors’ Vauxhall are also lining up EIB loans largely for the development of more environmentally friendly ‘green’ models and technology, the Daily Telegraph reported.
New car registrations in Britain declined by 30.5% in March to stand at 313,912 units, the Society of Motor Manufacturers and Traders said yesterday, intensifying calls for a German-style scrappage incentive to lift volume. Germany’s scheme boosted sales there 21% in February and 40% in March.
The SMMT said that the UK car market in the first quarter was 29.7% down year on year and that car sales for the year could now slide below 1.7m units.
Former Jaguar owner Ford said yesterday it had reduced its automotive debt by US$9.9bn from $25.8bn at 31 December and lowered its annual cash interest expense by over $500m based on current interest rates.
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