Jaguar Land Rover Announces GBP 15 Billion Investment in EVs to Catch Up With Rivals: Details

Jaguar Land Rover has not launched any zero-emission vehicles since its well-received electric I-Pace in 2018.

By Reuters | Updated: 20 April 2023 14:23 IST

Jaguar Land Rover Announces GBP 15 Billion Investment in EVs to Catch Up With Rivals: Details

Photo Credit: Reuters

The new Jaguar will be built at the carmaker's Solihull plant in central England

Highlights

Jaguar Land Rover is owned by India's Tata Motors
Tata said that Jaguar would be entirely electric from 2025
Rivals Mercedes and BMW have rolled out a number of electric models

Jaguar Land Rover (JLR) will invest GBP 15 billion (roughly Rs. 1,23,200 crore) over the next five years in electric vehicles (EVs) and promised on Wednesday to deliver a new electric Jaguar in 2025 as the British luxury carmaker plays catch-up with rivals.

JLR, which is owned by India's Tata Motors, said in early 2021 that Jaguar would be entirely electric from 2025, but on Wednesday could not confirm when production of its fossil-fuel models would end.

The carmaker previously said it would invest GBP 2.5 billion (roughly Rs. 20,500 crore) a year on electrification.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

The pressure on carmakers to electrify quickly is picking up, especially in China where the competition is moving faster and the pressure to cut prices is getting more intense.

Premium German rivals Mercedes and BMW have already rolled out a number of electric models - BMW alone has promised 11 new EV models in China by the end of the year.

JLR launched its well received electric I-Pace in 2018, but has since not launched any other zero-emission models.

How Taxi Startup BluSmart Is Taking on Uber, Ola With Its All-EV Fleet

The British carmaker said its Halewood plant in northwest England would become an all-electric manufacturing facility.

JLR also plans a new all-electric Range Rover SUV in 2025 and order books for that vehicle would open later this year.

The new Jaguar will be built at the carmaker's Solihull plant in central England and will be the first of three new electric models.

Volkswagen Plans to Introduce First EV in India by 2024

JLR reported a quarterly profit in January, but has been hit harder than other major carmakers by the pandemic and the semiconductor chip shortage - as larger rivals have greater leverage on suppliers.

In its fiscal 2022 year ending March 31 last year, JLR sold 376,381 units, 39 percent below its fiscal 2018 year - the last year for which it reported a full-year profit.

JLR also said it was targeting a double-digit margin for earnings before interest and taxes (EBIT) by 2026. Its last quarterly EBIT margin - a key measure of profitability - was 3.7 percent.

JLR's owner Tata is also considering building an EV battery plant in Spain or Britain a source has told Reuters, which would supply JLR.

Apple is opening its first stores in India, one in Mumbai and the other in Delhi. What does this mean for Apple customers in India? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.