Jaguar Land Rover Raises $705 Million Loan From Chinese Banks
Highlights
Jaguar Land Rover (JLR), owned by India's Tata Motors, has entered into agreements with lenders in China for a secured term loan facility of 5 billion yuan ($704.50 million), marking its first debt financing in China, it said. Arthur Yu, JLR's vice president and China chief financial officer, said the Chinese banks that would provide it with the three-year revolving loan include Bank of China, ICBC, China Construction Bank, Bank of Communications and Shanghai Pudong Development Bank.
Also Read: Jaguar Seeks State Loan As Coronavirus Pandemic Takes Toll
The loan facility "can help JLR China better manage cash flow amid the coronavirus epidemic", Yu told reporters on Friday.
JLR, which imports cars and also has a manufacturing partnership in the Chinese eastern city of Changshu with Wuhu-based Chery Automobile, said its China sales in April were level with the same period last year, and it saw sales growth in May. Yu said the company expects sales of China's luxury car segment this year to be level with last year or see slight growth.
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