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Ford £1.5 billion low carbon vehicle investment gets Government backing |
Government to provide £360 million towards six projects.
The Government has agreed to back Ford’s £1.5 billion investment for development of environmentally friendly engines and vehicle technology.
It is to provide £360 million in loan guarantees towards six projects through its Automotive Assistance Programme and the guarantee will back a proposed loan of £450 million, which is being considered by the European Investment Bank.
The projects to be supported cover research and development for Ford's commercial vehicles such as the Transit and Connect vans and the development of low carbon emission diesel and petrol engines.
Currently 25 per cent of all Ford engines worldwide and over 50 per cent of all Ford diesel engines are made in the UK.
Ford's plans over five years will safeguard around 2,800 skilled jobs in the UK at its research and development centre at Dunton in Essex as well as its manufacturing plants in Dagenham, Southampton and Bridgend in South Wales.
Business Secretary Lord Mandelson said: "Ford is a major investor in research and development in the UK. Its proposals represent further significant investment in the UK."
"As part of the automotive industry, Ford has an important role to play in the UK's aim to be one of the leading manufacturers of low carbon vehicles."
Further information:
Ford |
