Benzinga | Feb 16, 2021 12:06PM EST

Jaguar Land Rover Plans All-Electric Vehicle Line By 2025

Jaguar Land Rover (JLR), the luxury automotive brand owned by India's Tata Motors (NYSE:TTM), has unveiled a new strategy dubbed "Reimagine" that will move its vehicles away from fossil fuels into all-electric configurations.

What Happened: The Reimagine strategy will result in the Jaguar luxury brand becoming an all-electric offering by 2025, with the first all-electric Land Rover model set to debut in 2024 and all Jaguar and Land Rover nameplates becoming available as EVs by the end of the decade, according to the company.

The company said it's planning to develop clean hydrogen fuel cell power "in preparation for future demand" and aims to become a net zero carbon business by 2039.

In unveiling the Reimagine strategy, the company said it's creating "a new benchmark in environmental, societal and community impact for a luxury business."

Jaguar Land Rover "is unique in the global automotive industry," CEO Thierry Bollore said in a statement.

"The Reimagine strategy allows us to enhance and celebrate that uniqueness like never before. Together, we can design an even more sustainable and positive impact on the world around us."

What Happens Next: JLR plans to spend $3.5 billion annually to realign its product line into EVs, with the new electric platform being manufactured at the company's facility in Solihull, West Midlands.

The switch to EV will also prepare the company in advance of the British government's planned ban on new fossil-fuel vehicle sales that is slated to take effect in 2030.

"The Reimagine strategy takes Jaguar Land Rover on a significant path of acceleration in harmony with the vision and sustainability priorities of the wider Tata Group," said N. Chandraskaran, chairman of Tata Motors and Jaguar Land Rover Automotive plc. "Together, we will help Jaguar realize its potential, reinforce Land Rover's timeless appeal and collectively become a symbol of a truly responsible business for its customers, society and the planet."

TTM Price Action: Tata's NYSE-listed shares were down 2.04% at $22.12 at last check Tuesday.

Photo courtesy Tata Motors.