Feeds

Tata threatens govt over e-car loan decision

'Give us the cash, or else!'

High performance access to file storage

Leccy Tech The government’s relationship with Indian car maker Tata could be turning sour, following delays over a multi-million pound e-car loan.

Tata_01

Tata wants a £10m govt loan to help it build a UK e-car production line

Back in April Tata applied to the government for a £10m ($16.3m/€11.6m) loan to help set-up a UK production line for its Indica Vista leccy hatchback.

But Tata’s since been told by the Department of Business Innovation and Skills that a decision on the loan won't be made for another eight weeks – significantly extending the length of time that Tata must wait for an answer.

Tata – which also owns Jaguar Land-Rover - has implied that this just isn’t good enough - threatening to bin entire the project if a decision isn’t reached pretty damn quickly.

If Tata is awarded funding then the cash will come from a £2.3bn ($3.8bn/€2.7bn) car assistance package, which the government announced back in January. The cash is earmarked for schemes that could help the UK car industry out of the current crisis and eco-friendly car development projects.

But it’s worth noting that a cross-party group of MPs recently pointed out that, to date, the government hasn’t spent a single penny of its car assistance package cash.

To make matters worse, the government is also still haggling with Tata over the exact terms of a €340m ($556m/€394m) loan that Jaguar Land-Rover agreed with the European Investment Bank back in April.

Reading between the lines, the government's caution may be something to do with the fact that it lent MG Rover £6.5m ($10.6/€7.5m) back in April 2005 - only to see both the cash and the company vanish down the toilet almost immediately afterwards. ®

High performance access to file storage

More from The Register

next story
Elon Musk's LEAKY THRUSTER gas stalls Space Station supply run
Helium seeps from Falcon 9 first stage, delays new legs for NASA robonaut
Solar-powered aircraft unveiled for round-the-world flight
It's going to be a slow and sleepy flight for the pilots
Russian deputy PM: 'We are coming to the Moon FOREVER'
Plans to annex Earth's satellite with permanent base by 2030
LOHAN's Punch and Judy show relaunches Thursday
Weather looking good for second pop at test flights
Saturn spotted spawning new FEMTO-MOON
Icy 'Peggy' looks to be leaving the outer rings
Discovery time for 200m WONDER MATERIALS shaved from 4 MILLENNIA... to 4 years
Alloy, Alloy: Boffins in speed-classification breakthrough
India's GPS alternative launches second satellite
Closed satnav system due to have all seven birds aloft by 2016
Curiosity finds not-very-Australian-shaped rock on Mars
File under 'messianic pastries' and move on, people
Top Secret US payload launched into space successfully
Clandestine NRO spacecraft sets off on its unknown mission
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.