Jaguar, a luxury car manufacturer, announced it will transition to all-electric vehicles by 2025.
Thierry Bollore, the CEO for Jaguar Land Rover, a British company owned by the Indian corporation Tata Motors, said on Monday that the business is “exploring opportunities to repurpose” one of its plants as rumors swirl that it may be used for battery production. The Land Rover division of the brand, which has netted substantially more revenue, is set to release an electric vehicle model by 2024.
In 2018, Jaguar reported a $113 million loss, well before the onset of the coronavirus pandemic and the economic troubles that came with it. In June, the vehicle manufacturer received a $705 million bailout loan from Chinese lenders to help alleviate financial strain.
“Jaguar Land Rover is unique in the global automotive industry,” Bollore said. “Designers of peerless models, an unrivaled understanding of the future luxury needs of its customers, emotionally rich brand equity, a spirit of Britishness, and unrivaled access to leading global players in technology and sustainability within the wider Tata Group.”
“We are harnessing those ingredients today to re-imagine the business, the two brands, and the customer experience of tomorrow,” he added. “The Reimagine strategy allows us to enhance and celebrate that uniqueness like never before. Together, we can design an even more sustainable and positive impact on the world around us.”
The Society of Motor Manufacturers and Traders, a British motor lobbying group, praised the move for its focus on “sustainability.”
“Its road map to a future that is built around sustainability, with electrified and hydrogen models as well as investment in connected and digital technologies, aligns with government ambition and increasing consumer expectations,” SMMT’s CEO Mike Hawes said.
“Government must ensure advanced manufacturing has its full support, with a policy framework and plan for growth that reduces costs, accelerates domestic battery production and electrified supply chains, and incentivizes R&D and skills development,” he continued.
While on the campaign trail, President Biden expressed support for electric vehicle manufacturing and vowed to provide tax credits and public charging stations for those who procure cars that don’t use gas.
“As President, Biden will work with our nation’s governors and mayors to support the deployment of more than 500,000 new public charging outlets by the end of 2030,” the then-candidate wrote. “In addition, Biden will restore the full electric vehicle tax credit to incentivize the purchase of these vehicles. He will ensure the tax credit is designed to targeted middle class consumers and, to the greatest extent possible, to prioritize the purchase of vehicles made in America. And, he will work to develop a new fuel economy standard that goes beyond what the Obama-Biden Administration put in place.”
