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Automotive Industry
British government agency UK Export Finance has approved a £1 billion export development guarantee to Ford UK, supporting the manufacturer’s shift toward EV production. The facility aims to bolster Ford’s electrification plans, expand export operations, and secure thousands of jobs.
The loan supports development at key UK sites, including the company’s research and development centre in Essex and the Halewood manufacturing plant, both of which have seen recent investment to advance electric vehicle technologies. Specifically, the Halewood site has already undergone a £380 million transformation to manufacture electric drive units for models including the Ford Transit Custom/E-Tourneo Custom and Ford Puma – however, these models are built in Romania; only the electric motors come from England. In parallel, Ford has invested £70 million in advanced testing and development facilities in Essex, reinforcing the UK’s role in the company’s EV supply chain.
The facility, backed by Citibank and a syndicate of lenders with UK Export Finance (UKEF) guaranteeing 80 per cent of the loan (£800 million), marks the third such guarantee issued to Ford since 2020, bringing total UKEF-backed support for the manufacturer to nearly £2.4 billion.
This export development guarantee is the latest in a series of measures from the UK Government designed to stimulate industrial growth and decarbonisation. The broader package includes reduced electricity costs for manufacturers, revised ZEV mandates, and new trade agreements with markets such as the US, which now enables British automotive exports under reduced tariffs.
“Recent investments in the UK have proved crucial to our European operations and have expanded our UK export capability, on top of supporting Ford’s investment in an all-electric product line for Europe,” said Lisa Brankin, Chair of Ford Britain. “This new UKEF facility will play an important role in supporting our UK exporting footprint, especially amid the continued uncertainty in the trade landscape and the disconnect between electric vehicle targets and customer demand.”
“This is a great example of UKEF’s collaboration with the automotive industry, which is a key sector of the government’s Industrial Strategy,” added Tim Reid, Chief Executive of UK Export Finance. “Boosting growth, securing key jobs, growing the UK’s export potential and doing so sustainably – that’s what UKEF does best.”
Business and Trade Secretary Jonathan Reynolds stated: “We’re proud of our historic auto sector, and the commitment that global companies like Ford have made to make cars and create jobs in the UK. I’m delighted that UKEF is backing Ford in supporting the company’s ambitions for growth, helping to cement our position as a global leader for manufacturing.”