Jaguar Land Rover "Only Electric Vehicles Produced from 2025"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Luxury car brand Jaguar Land Rover (JLR) announced that it will produce only electric vehicles starting in 2025, signaling its transformation into an electric vehicle manufacturer.

According to CNBC on the 15th (local time), JLR announced that from 2025, all Jaguar brand models will be replaced with electric vehicles. As part of JLR's 'Reimagine' plan announced the same day, the core goal is to achieve carbon neutrality throughout the entire process of vehicle production and sales by 2039.

JLR stated, "The Land Rover brand will launch six pure electric vehicle models over the next five years," adding, "The first model is scheduled to be introduced in 2024."

To this end, JLR plans to invest $3.5 billion (approximately 4 trillion KRW) annually. Additionally, JLR noted that it is investing in hydrogen fuel cell development as part of its future vehicle strategy.

Thierry Bollor?, CEO of JLR, said, "By 2036, sales of internal combustion engine models will be almost zero, and by 2030, 60% of internal combustion engine models will be zero-emission vehicles."

This transformation into an electric vehicle manufacturer is the biggest change among the business restructurings JLR has announced over the past decade, and major foreign media reported that it is a measure taken as global leading car manufacturers declare their shift to electric vehicles to secure profitability.

Automakers worldwide are accelerating the development and production of eco-friendly vehicles due to strict carbon dioxide emission regulations implemented in Europe and China. Earlier, U.S. automaker Ford announced on the 4th that it will invest about $22 billion (approximately 24.3 trillion KRW) in electric vehicles by 2025. General Motors (GM) also announced last month that it will stop producing and selling gasoline and diesel vehicles by 2035 and transform into an electric vehicle manufacturer.

Meanwhile, following this news, the stock price of Tata Motors, JLR's parent company in India, rose 3% to 335 rupees.

This content was produced with the assistance of AI translation services.