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| Version 5 | Version 6 |
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| UK car firms get European funding | UK car firms get European funding |
| (31 minutes later) | |
| The European Investment Bank (EIB) has approved funding for two carmakers in the UK, Jaguar Land Rover and Nissan. | The European Investment Bank (EIB) has approved funding for two carmakers in the UK, Jaguar Land Rover and Nissan. |
| The EIB approved a £340m (366m euros)package for Jaguar Land Rover to help cut vehicle emissions. | The EIB approved a £340m (366m euros)package for Jaguar Land Rover to help cut vehicle emissions. |
| And it awarded Nissan £370m (400m euros) - to be split equally between its plants in Sunderland and Spain - to build more fuel-efficient vehicles. | |
| The funding is the first money provided to any carmaker in the UK since the financial crisis began. | The funding is the first money provided to any carmaker in the UK since the financial crisis began. |
| 'Very pleased' | |
| The moves come as the car industry has been hit globally by a slump in sales. | The moves come as the car industry has been hit globally by a slump in sales. |
| Nissan said it was "very pleased" with the approval of the EIB loan. | |
| "Nissan joins the other manufacturers in applauding the move by the EIB to extend support to the automotive industry through this crisis," the company said in a statement. | |
| Jaguar Land Rover also welcomed its £340m funding. The company had applied for a minimum of £270m. | |
| "This loan will support Jaguar Land Rover's significant investments in environmental technologies that are crucial for the future," the firm said. | |
| Government guarantee | |
| Under EIB rules, any loan requires that carmakers must invest in new technology to lower emissions during vehicle production and driving. | Under EIB rules, any loan requires that carmakers must invest in new technology to lower emissions during vehicle production and driving. |
| The EIB loans will require some form of guarantee from the UK government before any money is paid. | |
| The bank also approved a loan for a Volkswagen plant in India. | The bank also approved a loan for a Volkswagen plant in India. |
| The money is part of a 7bn euro lending package to support Europe's motor industry. | |
| The latest announcement adds to the 3.6bn euros in loans already approved. The bank's board will consider further applications for funding in May and June. | |
| The EIB has now raised its total lending by 15bn euros per year for 2009 and 2010 compared with previous years. | The EIB has now raised its total lending by 15bn euros per year for 2009 and 2010 compared with previous years. |
| Struggling industry | Struggling industry |
| Based in Gaydon, Warwickshire, Jaguar Land Rover employs about 15,000 people in the West Midlands (Castle Bromwich, Coventry and Solihull) and Merseyside (Halewood). | Based in Gaydon, Warwickshire, Jaguar Land Rover employs about 15,000 people in the West Midlands (Castle Bromwich, Coventry and Solihull) and Merseyside (Halewood). |
| Nissan's plant in Sunderland opened in 1986 and employs about 4,900 workers. | Nissan's plant in Sunderland opened in 1986 and employs about 4,900 workers. |
| Some 12 million people are employed in the European car industry, including 800,000 workers in the UK. | Some 12 million people are employed in the European car industry, including 800,000 workers in the UK. |
| Figures released on Monday illustrated the gloomy state of the UK car industry. | Figures released on Monday illustrated the gloomy state of the UK car industry. |
| UK car sales dropped 30.5% in March, compared with the same month a year earlier, according to the Society of Motor Manufacturers and Traders (SMMT). | UK car sales dropped 30.5% in March, compared with the same month a year earlier, according to the Society of Motor Manufacturers and Traders (SMMT). |
| The industry argues that help is needed immediately for carmakers to ensure they can survive the recession. | The industry argues that help is needed immediately for carmakers to ensure they can survive the recession. |
| Business Secretary Lord Mandelson has set aside £2.3bn in support for the car industry, mostly in the form of loan guarantees as well as direct aid to car makers. | Business Secretary Lord Mandelson has set aside £2.3bn in support for the car industry, mostly in the form of loan guarantees as well as direct aid to car makers. |