GE Capital has agreed to provide a £170m working capital facility to Jaguar Land Rover for five years.

The facility will finance JLR finished vehicle stocks between the points of production and onward sale to dealers.

Ken Gregor, JLR's chief finance officer, said: "We are pleased that our funding plans have further progressed and welcome the confidence shown by GE Capital in the Jaguar Land Rover business."

Rich Laxer, GE Capital's EMEA president and CEO, said: “This is the first time that we are aware of in Europe that a facility has been created to leverage this part of the distribution cycle and is demonstrative of how our pan-European asset and structuring expertise can truly benefit our customers.”