May 24, 2020
Coronavirus: Jaguar Land Rover in talks over government loan
Jaguar Land Rover is in talks with the government to secure a loan of more than £1bn, following a drop in sales during the coronavirus pandemic. A spokeswoman said JLR is in "Regular discussion with government on a whole range of matters". JLR has taken advantage of the government's Coronavirus Job Retention Scheme and around 18,000 of its UK workers remain furloughed. Credit rating agency Standard & Poor's recently estimated that JLR will burn through £1bn in cash each month following the shutdown of its facilities and if "Severely reduced production" continues over the next financial year. JLR's request for a taxpayer-backed loan was first reported by Sky News.
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