UK Export Finance (UKEF) is providing a £1bn export development guarantee to Ford UK, supporting the car company’s electric transformation.

The company has invested heavily into electric vehicle development, including a £380m transformation of its Halewood manufacturing plant from producing transmissions to electric motors. Ford has also invested £70m in state-of-the-art testing and development labs at its R&D site in Essex.

Business and Trade Secretary Jonathan Reynolds said: “This government has taken significant action to back auto firms – including by securing landmark trade deals with the US and India to bring down tariffs for British car manufacturers and create new export opportunities, measures to lower electricity prices in our Industrial Strategy, and updating the ZEV mandate to support UK manufacturers and safeguard jobs of the future.”

UKEF is guaranteeing 80 per cent (£800m) of the £1bn loan provided by Citi and a syndicate of lenders. Citi is the sole coordinator and agent on the loan to Ford.

---