Adapt or die. It's that simple.
In somewhat unexpected news, Jaguar has just announced it will become a dedicated electric vehicle-only brand beginning in 2025 in order to "realize its unique potential" as part of its grand strategy called "Reimagine." Land Rover, meanwhile, will still retain combustion engines (for now) but by the end of this decade, every new Land Rover and Range Rover model will be offered with a battery-electric version.
Over the course of the next five years, Land Rover will launch six new pure electrics variants as part of its quest to be the global leader of luxury SUVs. The first all-electric Land Rover, meanwhile, will debut in 2024 and all of its EVs will be part of the existing Range Rover, Discovery, and Defender families. The Tata-owned automaker has also set a goal to become a net-zero carbon automaker by 2039.
Unfortunately, the upcoming all-electric Jaguar XJ sedan flagship has officially been canceled, confirming a rumor we first heard a few months ago. Jaguar has not ruled out using the XJ nameplate again down the road. At present, the Jaguar I-Pace is the firm's only electric vehicle, though not for much longer. JLR's plans to phase out diesel powertrains are very much on track and should be completed by 2026. In diesel's place, the automaker is investing heavily in clean hydrogen fuel cell technology in advance of what's expected to be high global demand. Prototypes will hit the roads in the UK within the next year.
"Jaguar Land Rover is unique in the global automotive industry," said newly appointed JLR CEO Thierry Bollore. "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."
In what will be a huge sigh of relief for thousands of plant workers, JLR also confirmed it will not close any of its "core" manufacturing facilities in the UK or elsewhere. The automaker's executive team and other major management positions will soon move into a single location in Gaydon, UK. Plans are in place to work more closely with its Tata Group parent company, which has owned JLR since 2008.
Bollore stresses that JLR is heading towards double-digit earnings before interest and taxes (EBIT) margins and positive cash flow net of debt by 2025, which is very much welcomed news considering the company's troubling finances not so long ago.