Jaguar Land Rover to Invest £18 Billion for Strategic Adjustment Amid Slowdown in Electric Vehicle Demand

TapTechNews August 2nd news, according to a report by Bloomberg on the 1st, Jaguar Land Rover is planning to invest £3 billion (TapTechNews note: currently about 27.843 billion yuan) for strategic adjustments to deal with the trend of the global slowdown in the speed of electric vehicle transformation.

Jaguar Land Rover announced that it will increase the planned investment amount to £18 billion (currently about 167.059 billion yuan) within five years to support its strategy of providing all-electric options for all models by the end of this decade.

The reason for this increase in investment is partly due to the slowdown in electric vehicle demand. Richard Molyneux, Jaguar Land Rover's chief financial officer, said that this means Jaguar Land Rover will have to continue to develop fuel and plug-in hybrid models in some markets, because the global transition to pure electric vehicles is slower and more uneven than many people expected.

Last month, General Motors and Porsche AG became the latest companies to scale back their electric vehicle ambitions due to weak demand for plug-in models. Earlier this year in February, Jaguar Land Rover reduced the number of pure electric Land Rover models to be launched on the market before 2026 from six to four.

Although electric vehicle demand is slowing in some parts of the world, Jaguar Land Rover's new pure electric Range Rover is still generating strong interest globally, and the company said 41,000 people have signed up to wait for a car.

According to a previous report by TapTechNews, Jaguar announced in July a significant streamlining of its models, and by the end of this year there will only be one model, the F-Pace SUV, on sale. Jaguar's move is to make room for the upcoming new all-electric vehicle series.