August 02, 2024 – Jaguar Land Rover is gearing up for a strategic overhaul, announcing plans to invest £3 billion to adapt to the slowing pace of the global electric vehicle (EV) transition. The company revealed its intention to ramp up its planned investment to £18 billion over the next five years. This significant financial commitment aims to support Jaguar Land Rover’s strategy to offer fully electric options for its entire range by the end of the decade.
The decision to increase investment partly stems from the slowdown in EV demand. According to Richard Molyneux, the Chief Financial Officer of Jaguar Land Rover, this shift implies that the company will have to continue developing gasoline and plug-in hybrid models in certain markets. “The global transition to pure electric vehicles is slower and more uneven than many had anticipated,” Molyneux stated.
Recently, major automakers such as General Motors and Porsche have scaled back their electric vehicle ambitions due to weakening demand for plug-in models. Similarly, in February of this year, Jaguar Land Rover reduced the number of fully electric Land Rover models slated for launch by 2026 from six to four.
Despite the slowdown in EV demand in some parts of the world, Jaguar Land Rover’s new fully electric Range Rover has garnered significant global interest. The company reports that over 41,000 individuals have already signed up to purchase the vehicle.
Jaguar recently announced a major streamlining of its vehicle lineup, with plans to have only the F-Pace SUV available by the end of the year. This move is intended to pave the way for the introduction of a new line of pure electric vehicles.
