Jaguar Land Rover has been given a 340 million pound ($458 million) loan with which it will develop hybrid powertrains, according to JLR's Indian owner Tata Motors.
According to a Tata release, the loan was issued by the European Investment Bank and granted under the European Clean Transport Facility. The loan will, in part, finance the development of mild and full hybrid drivetrains as well as more energy efficient vehicle bodies for the premium car segment.
Neither Jaguar nor Land Rover currently have a hybrid vehicle in their lineups, remaining in an ever-shrinking group of similar automakers. As we reported mid-last year, the upcoming small Jaguar sports roadster, commonly dubbed XE, could feature an extended-range hybrid powertrain, possibly featuring a small three-cylinder gasoline engine. Jaguar is also said to be working on experimental hybrid and electric versions of its new flagship XJ sedan.
With Jaguar Land Rover consolidating its powertrains in recent years, the two automakers would certainly share any production-ready hybrid system for use on both Jaguar and Land Rover models. Likewise, research on more efficient bodywork would benefit both brands and could see improved fuel efficiency for the total lineup, as well as reduced construction costs.
In 2009, Jaguar received over 500 million pounds ($761 million) in loans which it says has helped it to meet financing goals necessary as it seeks to return the loss-leading brand to profitability.
Source: Tata Motors