{"id":16037,"date":"2023-04-19T14:42:38","date_gmt":"2023-04-19T14:42:38","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/jaguar-land-rover-plans\/"},"modified":"2023-04-19T14:43:50","modified_gmt":"2023-04-19T14:43:50","slug":"jaguar-land-rover-boosts","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/jaguar-land-rover-boosts\/","title":{"rendered":"Jaguar Land Rover boosts investment to catch up in EV race"},"content":{"rendered":"<p>By Nick Carey and Sachin Ravikumar<\/p>\n<p>LONDON (Reuters) -Jaguar Land Rover (JLR) will invest 15 billion pounds ($19 billion) 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.<\/p>\n<p>JLR, which is owned by India&#8217;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.<\/p>\n<p>The carmaker previously said it would invest 2.5 billion pounds a year on electrification.<\/p>\n<p>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.<\/p>\n<p>Premium German rivals Mercedes and BMW have already rolled out a number of electric models &#8211; BMW alone has promised 11 new EV models in China by the end of the year.<\/p>\n<p>JLR launched its well received electric I-Pace in 2018, but has since not launched any other zero-emission models.<\/p>\n<p>The British carmaker said its Halewood plant in northwest England would become an all-electric manufacturing facility.<\/p>\n<p>JLR also plans a new all-electric Range Rover SUV in 2025 and order books for that vehicle would open later this year. <\/p>\n<p>The new Jaguar will be built at the carmaker&#8217;s Solihull plant in central England and will be the first of three new electric models. <\/p>\n<p>JLR reported a quarterly profit in January, but has been hit harder than other major carmakers by the pandemic and the semiconductor chip shortage &#8211; as larger rivals have greater leverage on suppliers.<\/p>\n<p>In its fiscal 2022 year ending March 31 last year, JLR sold 376,381 units, 39% below its fiscal 2018 year &#8211; the last year for which it reported a full-year profit.<\/p>\n<p>JLR also said it was targeting a double-digit margin for earnings before interest and taxes (EBIT) by 2026. Its last quarterly EBIT margin &#8211; a key measure of profitability &#8211; was 3.7%.<\/p>\n<p>JLR&#8217;s owner Tata is also considering building an EV battery plant in Spain or Britain a source has told Reuters, which would supply JLR.<\/p>\n<p>($1 = 0.8042 pounds)<\/p>\n<p> (Reporting by Chandini Monnappa in Bengaluru, Nick Carey and Sachin Ravikumar in London; Editing by Mark Potter and Elaine Hardcastle)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/jaguar-land-rover-ups\/file-photo-outbreak-of-the-coronavirus-disease-covid-19-in-milton\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3I0GK-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3I0GK-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Nick Carey and Sachin Ravikumar LONDON (Reuters) -Jaguar Land Rover (JLR) will invest 15 billion pounds ($19 billion) 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&#8217;s [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":16038,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-16037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3I0GK-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/16037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=16037"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/16037\/revisions"}],"predecessor-version":[{"id":16179,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/16037\/revisions\/16179"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/16038"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=16037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=16037"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=16037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}