The paperwork for a green car loan to Ford was finally signed off today during a visit by Business Minister, Mark Prisk, to the carmaker’s technical centre at Dunton, Essex.
The Government is providing a £360 million loan guarantee for the carmaker’s £450 million loan from the European Investment Bank (EIB). In total Ford is investing £1.5 billion over the next five years for the development of a new generation of environmentally friendly engines and vehicle technologies.
The UK projects to be supported cover research and development for Ford’s commercial vehicles such as the Transit and Connect vans and the development of low carbon emission diesel and petrol engines. This includes investment in production facilities for new lower carbon engines at its Bridgend plant in South Wales.
The minister, who was also accompanied by EIB Vice President Simon Brooks, toured the laboratories today where engineers put vehicles and engines through rigorous testing from extreme climates to crash simulators.
Business Minister Mark Prisk said: “Ford has an impressive track record in research and development. Its investment of £1.5 billion over the next five years is a great opportunity to take the lead in developing low carbon manufacturing. This backing from the Government will help to ensure the long term success of manufacturing in the UK and make sure we are at the forefront of new technologies.”
Ford of Britain chairman, Joe Greenwell, said: "This European Investment Bank loan, and the loan guarantee from the UK Government, will help to unlock up to £1.5 billion in low-carbon and environmentally friendly engine and vehicle technology investment over the next 5 years. This is a testament to the skills and capabilities of our UK workforce and demonstrates the scale of our commitment to Britain."
The carmaker’s facilities at Dunton and Bridgend are two of four plant that will benefit from the investment which will also safeguard around 2,800 skilled jobs. Ford also has facilities in Dagenham and Southampton. The carmaker currently provides 29 per cent of the UK’s automotive sector research and development.
