Jaguar Land Rover (JLR) today announced that its full range of vehicles would be electrified by 2030 as the luxury car brand seeks to shift away from fossil fuels.
It also committed to keeping its UK factories open for the duration of the electrification process.
The Tata-owned firm said that all vehicles in its Jaguar brand would be fully electric by 2025.
The first electric Land Rover will roll off production lines in 2024, with five other models to follow within five years.
New chief executive Thierry Bollore announced the overhaul in strategy at a press conference this morning.
The Frenchman said: “The Reimagine strategy allows us to enhance and celebrate [Jaguar’s] uniqueness like never before.
“Together, we can design an even more sustainable and positive impact
on the world around us”.
Under the new approach, JLR will spend £2.5bn a year on electrification technologies and the development of connected vehicle services.
While the electrification process is running, the company confirmed that all three of its UK factories would remain open.
“From a core manufacturing perspective that means JLR will retain its plant and assembly facilities in the home UK market”, it said.
Union Unite welcomed the announcement, saying it had received assurances that there would be no plant closures or compulsory job losses.
The luxury automaker is the latest car brand to announce a shift away from combustion engine-driven vehicles.
JLR is targeting achieving net zero emissions from its business by 2039, with net zero emissions from car tailpipes by 2036.
It is also developing a hydrogen fuel cell, with prototype vehicles expected on the UK’s roads within 12 months.
Finally, the company said it was targeting double digit earnings by 2025, and positive cash excluding debt by the same date.