Tata Motors-owned carmaker Jaguar Land Rover (JLR) will make North America, especially the US, a priority market as it targets medium-term double-digit revenue growth and expands propulsion options across key models.
The strategy was outlined by chief executive PB Balaji during an investor update at the company’s headquarters in Gaydon, UK.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
JLR said the US would join the UK, Europe and China as a “key” market, with plans for market-specific offerings and steps to strengthen supply chain resilience.
The carmaker also reaffirmed its £18bn ($24bn) investment plan through FY29, starting in FY24, covering future technologies, vehicle platforms and business transformation.
As part of the plan, Range Rover and Range Rover Sport will remain on JLR’s modular longitudinal architecture platform, supporting mild hybrid, plug-in hybrid and battery electric versions.
Range Rover Electric and Range Rover Sport Electric are due later this year. JLR said its first electrified modular architecture (EMA)-platform electric model from the Range Rover brand, to be built at Halewood, will be detailed later this year.
That platform is also set to include a future hybrid option.
A new Defender family model has also been confirmed as the second EMA vehicle, with hybrid and battery electric flexibility planned.
The company said Defender would play the lead role in its US growth plans.
This comes after JLR signed a non-binding memorandum of understanding with Stellantis to explore product and technology collaboration in the US.
Jaguar will become JLR’s all-electric brand, with its four-door GT, Type 01, due to be revealed later this year.
Discovery will remain in the portfolio, with further plans to be announced.
JLR also said it is targeting £1.7bn in savings over the next two years, with measures focused on materials, warranty and fixed costs, while aiming to bring breakeven volumes towards 300,000 vehicles.
Balaji said: “To truly manifest the power of our brands, we will increase our focus on North America, our biggest market. The rising demand for luxury products coupled with the strong preference we see for our brands signals significant growth potential.
“Apart from accelerating our existing offerings, we are also exploring new high potential segments for our Defender brand, which will allow us to offer tailored luxury products and experiences for even more of our US clients. Our aspiration, in the coming years, is to grow our US business to the size of the entire JLR business as it exists today.”
