Jaguar Landrover, the British auto group owned by India’s Tata Motors has obtained loans worth over 5 billion yuan or $705 million from Chinese banks, Reuters has reported. Arthur Yu,the luxury auto maker’s China chief Financial Officer said that the banks would provide a three year revolving loan to JaguarLandrover.
Yu told reporters in Beijing Friday, June 5,2020 that the loan would help the company in China“ to better manage its cash flow amid the coronavirus pandemic.”The banks are Bank of China, ICBC, China Construction Bank, Bank of Communications and Shanghai Pudong Development Bank.
JLR, which imports cars and also has a manufacturing partnership in the eastern Chinese city of Changshu with Wuhu-based Chery Automobile, said its China sales in April were level with 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.
Reports show that the British luxury carmaker ‘s sales in china barely dropped in April and showed a slight improvement in May as the country begin to reopen its economy following the onslaught of the coronavirus pandemic.
China has a growing affluent middle class that are increasingly taking a liking to foreign luxury items which include Jaguars and Range Rovers.
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