£500m boost for Ford’s export market: The UK Government has announced a £500 million loan to boost Ford’s export activities, increase investment in reducing vehicle emissions and secure thousands of British jobs.
Liz Truss who is the International Trade Secretary said Ford has received a £625 million loan facility from commercial banks with support from a £500 million guarantee from the UK’s export credit agency and government ministerial department.
The guarantee, which covers 80% of the loan, will support Ford’s exports as well as increasing its investment in electrification.
It will also help protect thousands of highly skilled jobs at the Ford Britain Dunton Campus in Essex and engine production centre in Dagenham.
Ford of Britain exports to more than 15 countries on six continents, with overseas sales generating around £2.5bn annually, according to UK Export Finance.
International Trade Secretary Liz Truss said: “This deal firmly puts the UK at the heart of Ford’s plans to grow its export business, reduce emissions and support skilled manufacturing jobs.
“A thriving automotive industry is vital to the success of the UK economy. It brings prosperity and security to manufacturers across the country. That’s why we are putting its needs at the heart of our strategy to remove barriers to trade when negotiating free trade deals.”
— Department for International Trade (@tradegovuk) July 21, 2020
The car manufacturing industry is one of the sectors badly affected by the corona virus pandemic and will be reinventing its product development and manufacturing processes in the UK to reduce vehicle emissions and make the UK campus its global innovation centre.
Graham Hoare, Chairman, Ford of Britain said: “Ford’s manufacturing operations are already an export success story, with around 85% of engines and 100% of transmissions built in the UK exported. This financing will help to maintain Ford as a key UK exporter.”
£500m boost for Ford’s export market