(Reuters) -Jaguar Land Rover (JLR) said on Wednesday it planned to increase its investments in electric vehicles (EVs) as it chases global rivals, with the British luxury carmaker promising its first new electric Jaguar in 2025.
JLR, which is owned by India’s Tata Motors, said it would invest 15 billion pounds ($19 billion) over the next five years on EVs.
Previously, the carmaker had said it would invest 2.5 billion pounds a year on electrification.
Legacy Western carmakers face a growing challenge to electrify fast, especially in China where the game is moving faster and the pressure to cut prices is getting more intense.
JLR said its Halewood plant in northwest England would become an all-electric manufacturing facility.
The carmaker said it would also launch a new all-electric Range Rover SUV in 2025 and order books for that vehicle would open later this year.
($1 = 0.8042 pounds)
(Reporting by Chandini Monnappa in Bengaluru, Nick Carey and Sachin Ravikumar in London; Editing by Devika Syamnath and Mark Potter)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.