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Jaguar & Land Rover post massive loss


JLR have lost a combined NZ$1.6 billion in the past year

Despite just releasing the plush new Jaguar XJ in recent weeks, JLR are in turbulent waters.

The combined £673.4 million loss is in stark contrast to the £641.5 million profit in the same period last year, according to a report by the Financial Times.

The news comes as JLR and their owner, India's Tata Motors, work to close a deal with the British government over short-term financing.

According to reports the government says it is only prepared to offer JLR a guarantee for a £175m commercial bridging loan, which is significantly less than the £500m that Tata has been seeking.

Furthermore, Tata is pushing for a 12-month term for the loan, while the government wants a six-month deal.

Tata has pumped more than £1bn into JLR to cover losses since the financial crisis began.

Tata bought JLR from Ford for £1.4bn last year, just as sales of large and luxury vehicles began to plummet.

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