After the successful 2018 debut of the all-electric I-Pace, Jaguar Land Rover has not introduced any new EVs.
Jaguar Land Rover (JLR) will invest GBP 15 billion (roughly Rs. 1,23,200 crore) in electric vehicles (EVs) over the next five years and promised on Wednesday to deliver a new electric Jaguar in 2025.
Tata Motors of India, which owns JLR, announced in early 2021 that all Jaguar models would be electric by 2025. However, JLR could not confirm on Wednesday when production of its fossil-fuel models would end.
The automaker has previously stated that it will spend GBP 2.5 billion ($3,100 million) annually on electrification.
The pressure on automakers to electrify quickly is increasing, particularly in China where competition is moving faster and the pressure to cut prices is getting more intense; Elon Musk has stated that Tesla could release fully autonomous vehicles this year.
Premium Mercedes and BMW, two of Germany’s biggest automakers, have released multiple electric vehicles, with BMW promising 11 new EV models in China by the end of the year.
In 2018, JLR introduced the well-received electric I-Pace but had yet to introduce any other zero-emission models since then.
The British automaker announced plans to convert its Halewood plant in England’s northwest to an all-electric operation.
In addition, JLR is planning to release a new all-electric Range Rover SUV in 2025, with pre-orders beginning later this year.
The first of three new electric Jaguar models to be produced at the company’s Solihull plant in central England.
Although JLR reported quarterly profits in January, the company has been hit much harder than its larger competitors by the global pandemic and the semiconductor chip shortage.
Sales of 376,381 units for JLR’s fiscal 2022 year, which ended on March 31 of last year, were down 39 percent from fiscal 2018, the last year for which JLR reported a full-year profit.
The company stated that earnings before interest and taxes (EBIT) margin for JLR is expected to reach double digits by 2026. Its earnings before interest and taxes margin (EBIT) was 3.7% in the most recent quarter.
According to Reuters, a source at JLR said that Tata is considering constructing an EV battery plant in either Spain or Britain to supply JLR.
