Jaguar To Invest $18 Billion Over Next 3 Years In EV – Anti-Diesel Push
Sales are down, but interest in its electric product is sky high
Diesel is dying, petrol-powered vehicle bans are looming in the distance, and sales at Jaguar Land Rover, the UK’s largest automaker, are flagging. These three elements are all factors weighing on the minds of executives at the luxury brand, and so steps are being taken to address the challenges.
As usual, the fight for a brighter future starts with talk of investment. In this case, we’re talking a whopping 13.5 billion pounds ($18 billion). That cache of cash is said to be split into equal parts of 4.5 billion pounds ($5.955 billion) over the next three years and put towards new products and technology advancement. After this period, the company will moderate its spend at about 13 percent of sales.
Though its current portfolio of electric vehicles is small, the battery-powered efforts at the Coventry-based company have a pretty high profile. Its first mass-produced electric vehicle, the I-Pace is set to begin deliveries after receiving high praise from reviewers — including from us and our sister site Motor1.com — and a stack of orders (20,000 vehicles for Waymo alone). Not only does it have a team in the premiere electric racing series, Formula E, it will have its own road-racing series packaged with that one, the Jaguar I-Pace eTrophy. To top off all that, its E-Type Zero Classic, an electric conversion of perhaps its most famous model, just had a prominent place in the royal wedding of Prince Harry and Meghan Markle.
It stands to reason, then, that the automaker will continue in its electric efforts and use a chunk of this investment to do it. Although no new electric models have yet been announced, rumors are swirling that there will be an electric Land Rover based on the I-Pace, and there have been hints of an electric supercar coming.
With an entire gas-powered paradigm to upset and replace, the potential for future sales is huge. If Jaguar can have the sort of success it’s seeing with the positive response to the I-Pace, there’s little doubt things will be looking up for both the British company and its Indian parent Tata, to which it contributes a significant percentage of its profits.