The economic downturn isn’t something that is exclusively affecting the Big Three, with automakers around the world feeling the crunch. General Motors’ Opel division has already asked the German government for financial aid, and now Jaguar Land Rover has implored the British government for some financial help during these trying times.
According to The Sunday Times, JLR – which is now owned by India’s Tata Motors — has asked the British government for about $1.5 billion in aid in ordered to weather the current financial storm. JLR employs about 15,000 people in the UK.
Like the U.S. car market, Britain’s auto industry has been hit hard by the global economic downturn and ever-tightening credit market, resulting in huge drops in new car sales.
“The automotive industry is facing unprecedented trading conditions as a direct fall out of the banking crisis and turbulence in financial markets and we are of course keeping government appraised of the impact on our business,” a JLR spokesperson said.
Prime Minister Gordon Brown is considering the plan, with a ruling expected to be handed down within a few weeks.
