Ford has been backed by a major £1billion investment from the UK Government as part of the brand’s move to electric vehicles.
UK Export Finance (UKEF) is boosting the manufacturer with a £1billion export development guarantee as the legendary automaker continues its global transformation.
The loan will help Ford continue its development through engineering and maintain its electric vehicle offering for drivers.
Ford operates the UK’s largest automotive research and development (R&D) centre in Dunton, Essex, while the brand employs more than 5,500 workers across the country.
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Ford is being backed by the £1billion investment
Chancellor Rachel Reeves supported the new £1billion loan, saying that Ford had been the pride of Essex for more than 100 years.
She added: “This £1billion loan guarantee is a major boost for Britain’s auto sector. It will help develop world-leading products, open new export markets, and secure jobs.
“This is our Plan for Change in action – delivering growth and putting more money in people’s pockets.”
Ford has also invested heavily in electric vehicles, highlighted by its £380million transformation of the Halewood manufacturing plant, where it makes electric motors.
Ford has invested heavily in its electric vehicle offering in recent years
The iconic Blue Oval has also invested £70million into testing and development labs at its Dunton site in Essex.