DAGENHAM, East London, July 21, 2020 – Ford has received a £500 million guarantee from U.K. Export Finance (UKEF) for a planned £625 million loan facility from commercial banks using its Export Development Guarantee. This scheme is available to UK exporters if they – like Ford – meet certain criteria. The loan to Ford is the result of our export success.
“Ford’s manufacturing operations are a UK export success story with around 85 per cent of engines and 100 per cent of transmissions built by Ford exported to more than 15 countries on six continents. The value of these exports, including machined engine components, is around £2.5 billion annually, said Graham Hoare, chairman, Ford of Britain.
“This financing will help to maintain Ford as a key UK exporter, and I would like to thank UKEF for its confidence, and Citi who acted as coordinator and facility agent for the £625 million loan facility.
Speaking while on a visit to Ford’s Dagenham Engine Plant today, The Rt. Hon. Liz Truss, MP, Secretary of State for International Trade, said: “This deal firmly puts the UK at the heart of Ford’s plans to grow its export business, reduce emissions and support skilled manufacturing jobs. A thriving automotive industry is vital to the success of the UK economy. It brings prosperity and security to manufacturers across the country. That’s why we are putting its needs at the heart of our strategy to remove barriers to trade when negotiating free trade deals.”
The loan supports Ford’s continuing focus on engine exports; upskilling its UK workforce; promoting further investments in electrified powertrain testing, digital manufacturing and smart mobility solutions; and developing the Ford Britain Dunton Campus as a global leader in commercial vehicle development .
Ford of Britain has been sales leader in the U.K. for passenger vehicles and commercial vehicles for 42 and 53 consecutive years, respectively. A Ford model has been the country’s best-selling passenger vehicle for 45 years, with Fiesta being the country’s top-selling vehicle for the last nine years.
Ford of Europe is responsible for producing, selling and servicing Ford brand vehicles in 50 individual markets and employs approximately 50,000 employees at its wholly owned facilities and consolidated joint ventures and approximately 64,000 people when unconsolidated businesses are included. In addition to Ford Motor Credit Company, Ford Europe operations include Ford Customer Service Division and 20 manufacturing facilities (13 wholly owned facilities and seven unconsolidated joint venture facilities). The first Ford cars were shipped to Europe in 1903 – the same year Ford Motor Company was founded. European production started in 1911.
