Ford has recently received a £450 million loan from the European Investment Bank, along with a loan guarantee from the British government, to develop new technologies and engines in the UK. The new funding is for the research and development of vehicle technologies, fuel efficiencies and low emission engines. The financial agreement was officially signed at Ford’s technical centre at Dunton, which is currently the UK’s largest automotive engineering plant.
The £450million loan will form part of Ford’s £1.5billion vehicle and engine development program that will take place over the next five years. The Government will back the scheme with an 80% loan guarantee. The investment could lead to the safeguarding of 2,800 jobs at Ford’s factories in the UK. The development of these new engines will also see new skills and innovation develop across Britain.
The research in to low carbon engines could see new greener cars go on sale at Ford Dealership Taunton and other dealerships across the country. Some current Ford engines already emit as little as 98g co2/km and feature in the popular Fiesta and Focus ECOnetic models. These fuel efficient engines are now being used in Fords range of commercial vehicles being built at its plant in Southampton.
Ford has an impressive record of accomplishment in research and development and this massive £1.5billion investment could lead to Ford once again leading the way. It’s not yet known how quickly Taunton Ford dealerships will be stocking low emission cars but it is hoped that Ford investment will soon be reaping dividends.