The talks between the Jaguar Land Rover group e Tata Steel with the UK government they resolved to nothing. As reported in recent days from Financial Times, the builders, who are in serious financial difficulty and hoped for government intervention to get out of crisis caused by the Coronavirus pandemic, will have to rely on private funding. The agreement between the parties was not found also because Jaguar Land Rover seemed unwilling to accept the British government’s demands, which had asked the manufacturer for a concrete commitment to reduce emissions.
The British group, however, does not yet seem ready to accelerate the desired electrification process of the range and, for now, has no intention of gradually eliminating diesel-fueled cars from the price lists, which remain firmly the best sellers for the Jaguar, Land Rover and Tata Steel brands. The rescue plan, entitled “Project Birch”, had been authorized in May from British finance minister, Rishi Sunak, which on the occasion had underlined the strategic importance of the companies controlled by Tata Motors and the automotive sector.
However, according to a well-informed source heard from the Financial Times, the financing plan has become impossible for Tata to carry out (owner of the Jaguar Land Rover group since 2008, ed), because beyond the size of the loan it imposed conditions that the Indian giant judged too severe. After recording a loss of 413 million pounds in the second quarter of the year and consequently raised its savings target to $ 3.3 billion, the British auto group tried to stop the bleeding in China as well, where for the first time it turned to some lenders to obtain a loan of over 704 million dollars.
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