Tata Motors shares surge on JLR's $669M EV investment
Jaguar Land Rover (JLR), a subsidiary of Tata Motors, has announced plans to invest £500 million ($669 million) in reconfiguring its Halewood factory in England. This investment aims at preparing the facility for the production of electric sport utility vehicles (SUVs). The company has already invested £250 million in this plant over the past year and intends to double this expenditure in the coming years. Following the news, shares of Tata Motors increased by over 2% to ₹984.
JLR's Halewood plant to transition to all-electric production
JLR has confirmed that its Halewood facility, which currently produces key models such as the Range Rover Evoque and Discovery Sport, will be the first of its plants to transition entirely to electric vehicle production. However, the company has not yet specified a timeline for when it will cease production of hybrid or combustion engine-only vehicles at this location. JLR plans to invest £18 billion over the next five years to develop electric versions of all its models by 2030.
JLR's ambitious plan to electrify its entire model range
In addition to the Halewood plant investment, JLR has also outlined an ambitious £18 billion five-year plan. The goal of this strategy is to develop electric versions for all its existing models by the end of this decade. This move comes as part of a broader trend among carmakers across Europe who are slowing down their EV plans due to reduced consumer demand and cuts in government subsidies.
JLR revises its fully electric Land Rover models plan
Earlier this year, JLR announced a revision to its plan for fully electric Land Rover models. The company reduced the number of these models planned by 2026 from six to four. This decision was influenced by factors such as weak consumer demand and the need to continue developing combustion-engine and plug-in hybrid models for a longer period.
