JLR and Nissan get EU aid
April 7th, 2009 by James Baggott
JAGUAR, Land Rover and Nissan have received crucial funding from the European Investment Bank.
The packages are focussed on helping develop green vehicles and technologies.
JLR will use the cash to help cut vehicle emissions and Nissan will spend the money at its plants in Sunderland and Spain to build energy efficient cars.
JLR secured £340m from the EIB and Nissan got £370m. The news comes just a day after car sales figures showed a drop of 30 per cent – in one of the most important sales months of the year.
Nissan told the BBC it was ‘very pleased’ with the approval of the loan.
‘Nissan joins the other manufacturers in applauding the move by the EIB to extend support to the automotive industry through this crisis,’ Nissan said, in a statement.
Jaguar Land Rover was also pleased with the cash, especially as it is believed it had applied for a minimum of £270m.
The money is part of a 7bn euro lending package to support Europe’s motor industry.
But what the cash doesn’t provide is an answer to slipping sales – the only thing that would give that a real boost in the UK is a scrappage scheme.