JLR (Jaguar Land Rover) has announced the elimination of its once £5 billion debt pile. The announcement was made by Jaguar Land Rover CEO Adrian Mardell on JLR's Solihull factory floor, alongside Prime Minister Sir Keir Starmer who assured workers he would support them "to the hilt" as the country navigates a "completely new world."
The Prime Minister's visit to the Midlands was aimed at demonstrating government support for the automotive industry and allaying regional concerns over JLR's decision to pause its US exports due to the turmoil caused by Donald Trump's tariffs.
During their visit to the Midlands, CEO Adrian Mardell, speaking alongside Sir Keir Starmer and Rachel Reeves, stated that the company had successfully eliminated its net debt, which stood at £5 billion just 31 months ago, reports .
Jaguar Land Rover's chief executive highlighted a "critical piece of work we need the Government to help us resolve" following the imposition of global tariffs by Donald Trump. However, he added: "We are meeting at one of the most challenging times that face our industry.
"The multiple forces, economic, geopolitical and technology, converging together. So to continue to thrive and to enable ongoing JLR growth and ongoing Ƶ PRC growth, we are working closely with this Government in face of significant financial international uncertainty."
"While we welcome today's announcement on ZEV (zero emission vehicles), we all recognise we face a significant threat – the application of tariffs from the USA. This is now the critical piece of work we need the Government to help us resolve.
"Of course, we have a clear intent to work through all significant challenges with them as a team in service of our people and this wonderful nation."
underlined the necessity for measures in the "national interest" and maintaining a "cool and pragmatic head" amid ongoing turmoil resultant from President Trump's tariff imposition during his visit to JLR's flagship Solihull plant, which has around 9,000 employees.
He said: "These are challenging times, but we have chosen to come here because we are going to back you to the hilt" said the Prime Minister, who spoke as fresh Range Rovers rolled off the production line.
He said the visit was a “statement of intent”, showing the Government’s support. And he added: "This is a moment for cool heads, nobody wins from a trade war, you know that.
“But it’s also a moment for urgency, because we’ve got to rise together as a nation to the great challenge of our age – and it is the great challenge – which is to renew Britain so we’re secure in this era of global instability.”
"This government, we have got your back. The chance we now have is how we respond to this new world.
"We can step up together.
"Stability works for working people in an uncertain world.
"I am pleased that companies like Jaguar Land Rover have given their backing to our plan."
