EIB Loans Jaguar Land Rover $458 Million for Hybrid Development

Automobile Staff
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Is a hybrid Jaguar or Land Rover in your future? That increasingly appears to be a possibility, especially since Jaguar Land Rover was just awarded $458 million from the European Investment Bank (EIB) to develop hybrid powertrains.

According to a release issued by parent firm Tata Motors, the loan was issued by the EIB, and granted under the European Clean Transport Facility. The loan will, in part, finance the development of mild and full hybrid drivetrains, in addition to other energy efficient vehicle technologies. Neither Jaguar nor Land Rover currently offers hybrid models, although both brands have dabbled in the technology. The forthcoming Range Rover LRX may use a diesel-electric hybrid system, while Motor Trend suggests a new small Jaguar roadster (dubbed “XE”) could feature an extended-range electric driveline. Jaguar is also reportedly working on experimental hybrid and electric versions of its new XJ flagship. In 2009, Jaguar received more than $761 million in loans, which it says has helped it meet financing goals -- necessary as it seeks to return to profitability. Source: Tata Motors

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