Jaguar Land Rover’s CEO, Adrian Mardell, recently revealed more details about the cost of the company’s new electric models. The price of one of Jaguar’s electric vehicles is expected to be around £150,000, higher than initially anticipated. The development cost for the new electric models is estimated to be £1.5bn over the next five years.
Jaguar’s parent company, JLR, had previously announced that the electric vehicles would be priced above £100,000. The company is focusing on producing all-electric models, with plans to discontinue most of its current models by the end of the year. However, with challenging sales and declining consumer demand, this move is seen as risky by clients and investors.
Jaguar is set to launch three new electric models, including an SUV, a four-door grand tourer, and a saloon car. The first model is expected to be available from 2026, with the grand tourer anticipated to be the first in line. The company recently unveiled a design vision concept at Miami Art Week, named the Type 00, representing Jaguar’s new creative philosophy and design rebranding.
The rebranding and design concept have received backlash from buyers, who believe it may damage the brand’s heritage, luxury, and customer loyalty. The upcoming electric models have also been criticized for being too expensive. Despite the concerns, Jaguar is aiming to appeal to more affluent motorists and younger generations. The success of Jaguar’s strategy will depend on whether they can attract buyers when the new models are released.
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