JLR receives EU funding of £340 million

The Midlands car maker Jaguar Land Rover, which made an after-tax profit of about £55 million in the fourth quarter of last year after wholesale volumes grew 28%, has received £340 million of funding from the European Investment Bank (EIB). Owner Tata Motors says the eight-year loan is the final step in its plan to refinance the group. The funding will be used to finance low-carbon technology.

Chairman Ravi Kant said: “We are very happy with the support extended to us by the EIB, as well as the State Bank of India, Credit Suisse and other banks. This latest investment will support JLR in challenging market conditions, alongside cost-cutting measures, increase of volumes and the improved margins strategy currently being implemented by us.” Speaking at the Geneva Motor Show last week, Mr Kant warned that JLR needs to bring new models to market more quickly, consider collaborations with other makers and become more internationally focused.

JLR is looking to take on 50 new engineers this year to work on new technology. A spokesman said the new recruitment programme is in addition to the 80 engineering graduates and 45 engineering apprentices who will join in September.

HR director Des Thurlby said: “We are looking for people with experience in areas including electrical, ‘info-tainment’, software and hybrid engine technology. JLR is one of the biggest automotive recruiters in the UK; already this academic year we have received 4,500 graduate applications. We are investing hundreds of millions over the next few years in R&D, and this will present great opportunities for talented engineers with a passion for our brands.”

Meanwhile, manufacturing and engineering firms are being invited to build upon the work started by the National Apprenticeship Service in partnership with Jaguar Land Rover on a project to boost the number of apprentices at small and medium-size businesses. This year, JLR has taken on 13 additional apprentices — over and above its normal requirements — and these individuals will be made available in August to SMEs employing fewer than 250 people.

Bill Twigg, development director at Semta (the sector skills council for science, engineering and manufacturing technologies), says: “The pilot project aims to place more young people into manufacturing, while making it easier for SMEs to take on an advanced apprentice.”