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.
