FoMoCo announced today that it is planning a £1.5 billion ($2.3 billion USD) green investment in its four UK facilities over the next five years after securing a £360 million ($549 million USD) Government loan guarantee.
“Support from UK government is a major step in seeking loan approval from the EIB which will allow Ford to proceed with its UK investment strategy,” Ford said in a statement.
Ford said that its Dagenham is one of four UK sites covering research, development and manufacture of low-CO2 technology for both cars and commercial vehicles. Ford’s research and development center in Dunton, Essex, is the country’s largest automotive engineering facility, and Ford products are assembled in Dagenham, Southampton and Bridgend.
Ford said that its Bridgend facility is gearing up for production of new EcoBoost gasoline engines, which will offer CO2 and fuel-savings of up to 20 percent. The engine will make its European debut in the new Ford C-Max this autumn.
“Ford welcomes this positive support from the Government,” said Ford of Britain chairman, Joe Greenwell. “It greatly assists in delivering Ford’s commitment to invest £1.5 billion in new, affordable, volume-produced low CO2 technologies. “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.”
– By: Stephen Calogera