Jaguar Land Rover is expected to announce today that it has secured a 170 million pounds ($282.5 million) five-year loan from GE Capital, says Financial Times newspaper. This new loan will be used by the company to recover from the global financial downturn.

For those folks who don’t know, the sales of luxury cars have been hit hardest by the crisis and this includes Jaguar Land Rover, too. In Europe, JLR’s sales are currently down 29.1 percent to 70,437 units. The £170m loan, will be drawn from GE Capital, the financing arm of General Electric Co. in the United States, as soon as vehicles are made in its three UK production lines. “We are talking to several other European carmakers about a similar facility, but as far as we know, this is the first of its kind,” said Rich Green, CEO of GE Capital’s distribution finance business.

[via autonews]

Tags: car news, Jaguar, jaguar ge capital loan, jaguar loan, jaguar news

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