Luxury car enthusiasts, get ready to be electrified! British carmaker Jaguar Land Rover (JLR) has just announced its plan to invest a whopping $19 billion in electric vehicles over the next five years. Jaguar Land Rover is a Tata Motors-acquired company that forged this alliance back in 2008 by buying it from Ford.
Today, JLR’s decision to invest $15 billion in electric vehicles is in line with its Re-imagine strategy, which seeks to establish the company as a modern luxury automaker that prioritizes electric technology by 2030.
In a press conference held yesterday, JLR CEO Adrian Mardell revealed that the Halewood plant in Merseyside, UK, will be transformed into an all-electric manufacturing facility. The company is also set to launch three electric vehicles over the next two years, including the electric Range Rover later this year, and a mid-sized all-electric SUV in the Range Rover series in 2025.
Words by the CEO of JLR
JLR CEO Adrian Mardell said: “Two years ago, we launched our Reimagine strategy and since then we have made great progress, including launching two new critically acclaimed modern luxury Range Rover and Range Rover Sport models, joining the Defender family, for which there is record demand. We achieved this while navigating the headwinds of the pandemic and chip shortages, and successfully ramping up production of our most profitable models to deliver profit in Q3.
“Today I am proud to announce we are accelerating our electrification path, making one of our UK plants and our next-generation medium-size luxury SUV architecture fully electric. This investment enables us to deliver our modern luxury electric future, develop new skills, and reaffirm our commitment to being carbon net zero by 2039.”
New looks of Jaugar and prices?
The first electric model from JLR i.e, Jaugar will have a 4-door GT which will be built in the UK. The vehicle will boost a range of 700kms and will be priced at around €100,000. It will be built on a JEA platform unique to JLR. Finally, the delivery of the same will begin in 2025.
“With Range Rover, the original luxury SUV, available for pre-order in pure electric form later this year, and the first of three breath-taking electric reimagined Jaguar models to be launched in 2025, we are stepping into an incredibly exciting new electric era for JLR as a modern luxury business.”
Future plans of JLR
JLR’s announcement regarding the $15 billion investment in electric vehicles reflects the company’s dedication to meeting its financial targets of achieving a net positive cash position by FY25 and double-digit EBIT (earning before interest and taxes) by 2026. This news is big but the arrival of such luxury cars in the market is a huge task since it would require a lot of R&D along with new enhanced technology. So we’ll have to wait a lot before the venture is live.
Not just this, but the company has announced a new strategy of introducing a House of the brand approach for each vehicle under their portfolio and this will move up their delivery game by making the company a desired brand among the people.
As the world moves towards a more sustainable future, it’s great to see luxury carmakers like JLR taking a stand for the environment. With their innovative technology and sleek designs, JLR’s electric vehicles are sure to turn heads on the roads.