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Jaguar Land Rover Gets $514M Clean Car Loan

Automaker getting eight-year $514 million loan from European Investment Bank to help it develop more fuel-efficient cars.

BRUSSELS (AP) -- Jaguar Land Rover is getting a 340 million pound ($514 million) loan from the European Investment Bank, a lender backed by European Union governments, to help it develop more fuel-efficient cars.

The eight-year loan for the British-based car maker announced Tuesday is one of several the EIB is giving European auto producers, who have pleaded for government help as car sales crashed during the recession.

Money-losing Jaguar Land Rover has been weighing on its owner, India-based Tata Motors, since it bought it from Ford Motor Co. in June 2008 for $2.3 billion.

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