Jaguar Land Rover Makes $2.9B EV Investment

A new platform for EVs will be ready by 2025.

By: Andrew Lambrecht

Jul 28, 2023 at 9:55am ET

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Jaguar was the first luxury legacy automaker to bring an electric crossover to the United States market. In October 2018, the British automaker delivered its I-Pace EV to the first customer in America. Pushing 394 horsepower via a dual motor setup and achieving an EPA-rated 234 miles on a single charge, the I-Pace was a compelling entry for its launch date.

However, as the EV industry progressed, Jaguar's sporty electric crossover has lost the flair it once had. With options not only undercutting the I-Pace's price but offering a more competitive range, charging speeds, and performance, Jaguar has been seeing a decline in sales with its EV.

But the I-Pace never marked the end of the firm's EV push. Rather, with recent investments and upcoming product launches, the I-Pace was merely the start of a new wave of electrification for Jaguar. JLR recently announced that it would invest £2.25 billion ($2.9 billion) into Jaguar alone for its EV programs.

Included in this investment is a pathway to develop and produce a new vehicle. One of its new cars will be a six-figure luxury sports sedan aiming for around 400 miles of range and enhanced fast charging. Jaguar says it should be able to attain 200 miles of range in 15 minutes.

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JLR's chief creative officer said Jaguar's upcoming vehicles will embrace four pillars of exuberance, fearlessness, uniqueness and progressiveness. In an interview with Autocar, CCO Gerry McGovern said, "Being exuberant is a real task, as there’s nothing else around like that. Jaguars need to have a jaw-dropping moment, a sense of wow.”

This comes after JLR announced this April that it would invest $16.5 million into various programs, including AI, autonomous driving, upgrading manufacturing facilities, and more.