Jaguar Land Rover has pumped $40m (€34.6m) into its Jaguar Racing Formula E Championship racing team, according to Jaguar Racing Limited’s company accounts.
The Tata-owned car group’s UK-based subsidiary received $11.1m in a loan from Jaguar Land Rover, while a further $28.9m is repayable on demand.
According to an article on the Forbes business website, Jaguar Racing Formula E team launched in 2016 with funding in the form of a loan and sponsorship from Jaguar Land Rover.
The Jaguar luxury car brand logo is prominent on the side of the car and the spoiler.
A spokesperson for Jaguar Racing told Forbes: “Jaguar has a long-term commitment to Formula E which has now attracted major OEMs [original equipment manufacturers] including Audi, BMW, Mercedes, Mahindra, Nissan and Porsche.
“This commitment has been strengthened by the introduction of the Jaguar I-PACE eTROPHY series which debuted in December – the world’s first international championship for production-based electric cars.”
The accounts also revealed that team revenue amounted to $12.2m during the financial year.
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