UK Offers Loan Guarantee To Ford And Nissan (F)
The United Kingdom has pledged to provide 380 million pounds in aid to Ford Motor (NYSE: F) and Nissan Motors. The loan guarantee has been provided for the development of cleaner and greener technology. Ford (F) is currently engaged in the development of environmentally friendly technology across its UK operations. Nissan has also announced the manufacture of its electric car at its Sunderland factory. The process is expected to generate 550 highly skilled jobs at the plant.
Peter Mandelson, UK Business Minister, said, “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." The government had earlier granted a $142 million loan guarantee for General Motors to help the company in securing its British operations.
