Jaguar seeks state loan as coronavirus pandemic takes toll

Home Business Jaguar seeks state loan as coronavirus pandemic takes toll
Jaguar seeks state loan as coronavirus pandemic takes toll

REUTERS: Jaguar Land Rover is in talks with the British government about a request for temporary state funding of more than 1 billion pounds (US$1.22 billion), Sky News said on Saturday (May 23), a report the company said was inaccurate.

The loan request had been lodged with the Department for Business, Energy and Industrial Strategy, the Sky News report said, citing a source close to Jaguar Land Rover, whose parent company is Tata Motors.

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"The claim is inaccurate and speculative," Jaguar Land Rover said in an emailed statement to Reuters. The statement said the company was in "regular discussion with government on a whole range of matters and the content of our private discussions remains confidential."

The company recently restarted operations at Solihull plant in UK. "Manufacturing will resume at Halewood factory on 8 June, starting with one shift," it said in a statement on Wednesday.

Sky News, citing a spokesman, said about 20,000 of its employees had been furloughed under the government's emergency wage subsidy program.

On May 1, rating agency Fitch downgraded its credit rating to the comRead More – Source

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