SMMT News UK Manufacturing

Ford to invest in UK R&D

18 March 2010 #SMMT News #UK Manufacturing

Ford Motor Company has announced significant research and development investment in the UK supporting the development of new generation, environmentally-friendly vehicle and engine technology.

The announcement came from the Department for Business, Innovation and Skills today as it agreed to back the project through the Automotive Assistance Programme with £360 million in loan guarantees. The move is expected to safeguard up to 100,000 UK jobs that are either directly or indirectly dependent on Ford.
Ford is the second company to benefit from the Automotive Assistance Programme (AAP) in the UK but one of many global manufacturers who have sought loans from the European Investment Bank to develop more fuel-efficient and environmental technologies. The £450 million EIB loan, £360 million of which is guaranteed by UK government, will support the research and development of low carbon diesel and petrol engines.
Ford of Britain chairman, Joe Greenwell, said, “Ford welcomes this positive support from the Government. Our customers will benefit from this extensive investment and so too will the 100,000 people in the UK whose jobs are directly or indirectly dependent on Ford. The loan also encourages the growth of high-technology, CO2-reducing research and development in the country.”
On the announcement, Lord Mandelson said, “Ford is a major investor in research and development in the UK.  The Government stands ready and willing to support these innovative R&D projects backed by a highly skilled workforce.”
The AAP exists to support the delivery of investment in the UK automotive sector and UK automotive supply chain with a focus of creating or retaining jobs, developing technology, reducing CO2 emissions and maintaining UK research and development capacity in vehicle manufacturing. Loans are fully repayable and offered on commercial terms but are designed to support investment in ultra-low carbon technology.
Click here for more information on funding and support.

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