UK to give 360 mln pounds loan guarantee for Ford

LONDON, March 18 (BestGrowthStock) – Britain announced hundreds of
millions of pounds in aid to Ford Motor (F.N: ) and Nissan Motor
(7201.T: ) for the development of environmentally friendly
technologies as it seeks to become a world leader in ultra
low-carbon vehicles.

The government said on Thursday it would provide 360 million
pounds ($551 million) worth of loan guarantees from its
Automotive Assistance Programme (AAP) to support Ford’s
development of environmentally friendly technologies across its
UK sites.

Earlier, Nissan said it would build its much-awaited Leaf
electric car at its Sunderland factory in northeast England,
backed by a 20.7 million pound grant from Britain.
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Nissan’s production of the Leaf cars, as well as its
batteries, would help safeguard and create over 550 highly
skilled jobs at the plant, the government said.

The government’s support for Nissan and Ford follows last
week’s announcement of a 300 million euro ($412 million) loan
guarantee for General Motors’ [GM.UL] European arm to secure the
company’s operations in Britain and the rest of Europe.
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“The automotive sector is of key importance to the UK. It
supports R&D, technological innovation, skills and a supply chain
that’s a mainstay of the wider manufacturing sector,” UK Business
Minister Peter Mandelson said in a statement.

Ford’s plans to invest 1.5 billion pounds over five years to
develop low carbon emission diesel and petrol emissions will
protect around 2,800 jobs across its UK sites, the government
said.

“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,” Mandelson said in a
statement.

Investment
(Reporting by Caroline Copley; Editing by Hugh Lawson)

UK to give 360 mln pounds loan guarantee for Ford