Ford has banked £600 million from UK Export Finance (UKEF) to expand its development of electric vehicles (EVs).
The government is planning to grow the British presence in Europe for developing EVs and hopes the investment in Ford will see that come to fruition.
This loan will grow Ford’s EV sites in Essex and Merseyside, allowing the company to start building nine different electric models, as opposed to the current two.
International Trade Secretary Kemi Badenoch said: “Our support for Ford is great news for jobs in Essex and Merseyside and British manufacturing as a whole. Ford is a major employer in the UK and the high-skilled jobs it provides help communities to thrive.
“We have consistently backed Ford as it makes its critical transition towards electrification. Boosting electric car production is key to our strategy to combat climate change and today’s news demonstrates how our manufacturing industry, our exports and our economy will benefit from this transition.”
The latest loan brings the total support from UKEF to Ford to £1.4 billion.
The funding will see EVs built in the UK shipped to more than 12 countries across five continents.