18 Mar 2010 08:03:07
Government backs Ford over low carbon cars
The government has announced its support for Ford's proposed investment in the development of low carbon vehicles.
Business secretary Lord Mandelson said that the car manufacturer's commitment to environmentally-friendly technologies would help boost investment in the UK.
As a result, the government has agreed to support Ford's £1.5 billion investment with loan guarantees worth a total of £360 million.
These guarantees will be made available through the Automotive Assistance Programme and will be shared by six low carbon projects.
"Ford is a major investor in research and development in the UK. Its proposals represent further significant investment in the UK," Lord Mandelson said.
He added: "The government stands ready and willing to support these innovative R&D projects backed by a highly skilled workforce. As part of the automotive industry, Ford has an important role to play in the UK's aim to be one of the leading manufacturers of low carbon vehicles."http://tinyurl.com/ydryo9w