Ford of Britain chairman Joe Greenwell has praised the automotive initiatives of the new UK government, noting it has made “a sound start.”
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Speaking to just-auto today (12 July) at the company’s technical centre in Dunton, Essex, as Ford officially signed a deal securing a GBP450m loan from the European Investment Bank (EIB) as well as GBP350m in UK loan guarantees, the automaker chairman hailed the new administration’s approach.
“The industry is pleased in general with how Vince Cable [secretary of state for business] has engaged with the Automotive Council,” he said. “Fortunately, many of us know Mark Prisk [business minister] well, having discussed industry issues with him in his shadow role for the last two years.
“They have made a very sound start and demonstrated support for the UK industry.”
The Ford of Britain chairman also highlighted the importance of the loan signings, stressing their importance to the future of engineering excellence at centres such as Dunton.
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By GlobalData“It is an extremely significant announcement,” he said. “We said in 2006 [we would have] a substantial investment in low carbon technology and some of this has been ushered in. There are multiple benefits here for Ford and the industry in [having] the loan and guarantee.
“What this does is lay the foundations of a further GBP1.5bn during the next five years for the next generation technology. Clearly the industry is very focused on low CO2 powertrains – UK plc is focused on the low carbon economy.
Greenwell declined to be drawn concerning his counterparts’ situation in Germany, where Ford has applied for EUR160m in loan guarantees from the government to develop its EcoBoost engine made in Cologne.
“There are different circumstances entirely in Germany,” he said.
