JLR revealed that it would spend about $3.5 billion yearly on electrification technologies. The cost would also cover developing connected vehicle services.
Tata Motors Ltd (NYSE: TTM) stock went up after the company announced that its British luxury unit Jaguar Land Rover (JLR) would go all-electric by 2025. The automaker also added that it would launch 2-models of its whole line-up by 2030.
Reuters revealed JLR’s plan to launch six all-electric models in a recent report. With plans to unveil fully electric vehicles over the next five years, JLR said the first electric model would arrive in 2024. The company announced its move towards the full-electric models on the 15th of February:
“In the next five years, Land Rover will welcome six pure electric variants as it continues to be the world leader of luxury SUVs. All Jaguar and Land Rover nameplates to be available in pure electric form by end of the decade; first all-electric Land Rover model in 2021.”
According to the report, JLR chief executive Thierry Bollore noted that “it’s time to re-imagine the next chapter for both brands.”
Additionally, JLR noted that its Solihull plant would focus on its electric plans. Also, the Castle Bromwich facility in central England would let go of plans to build the XJ and focus on “non-production” activities instead.
JLR to Work with Tata Group on Plans for All-Electric Vehicles
Speaking further, JLR revealed that it would spend about $3.5 billion yearly on electrification technologies. The cost would also cover developing connected vehicle services. Also, the company said it was working on developing hydrogen fuel cells. JLR’s investment in hydrogen fuel cells is in anticipation of its future transition to hydrogen-powered vehicles.
Per the hydrogen-powered vehicles, JLR said the prototypes would be in Britain over the next 12 months.
In addition, JLR said it would begin collaboration with Tata Group:
“In order to realise its vision of modern luxury mobility with confidence, the company will curate closer collaboration and knowledge-sharing with Tata Group companies to enhance sustainability and reduce emissions as well as sharing best practice in next-generation technology, data and software development leadership.”
Additionally, JLR said that Tata Group would give it access to potential synergies on connected services.
At the time of writing, Tata Motors stock is trading at the pre-market at $22.75. The current trading price is a 0.75% gain over its previous close of $22.58.
Tata Motors has been surging all year and has a market capitalization of $15.99 billion. The company has increased by almost 93% over the past year. Since the beginning of January, Tata Motors has grown by more than 79%. The company has also climbed over 125% in the last three months and 8.59% over the past month. In the previous five days, TTM has surged 4.83%.
Before one, Bentley Motors, owned by Volkswagen (Xetra: VOW), announced that its model range would be all-electric by 2030. Other news related to vehicles can be found here.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.