According to Bloomberg News, in order to cope with the slowing demand in the global electric vehicle market, Jaguar Land Rover plans to invest another 3 billion pounds (approximately 3.
8 billion US dollars) in strategic reforms, and plans to increase the investment scale to 18 billion pounds in the next five years.
Photo source: Jaguar Land Rover, due to strong sales of SUV models, last quarter, Jaguar Land Rover parent company Tata Motors Ltd.
Profits exceeded expectations.
In the three months ended June 30, Tata Motors ‘revenue rose 5.
7% to 1.
08 trillion rupees, slightly below analysts’ expectations.
net profit surged 74% year-on-year to 55.
7 billion rupees (approximately US$665 million), exceeding analysts ‘expectations.
Among them, Jaguar Land Rover’s quarterly revenue increased by 5.
4% year-on-year to a record high of 7.
3 billion pounds.
pre-tax profit increased by 59% to 693 million pounds.
Richard Molyneux, chief financial officer of Jaguar Land Rover, said this (slowing demand for electric vehicles) means that Jaguar Land Rover will have to continue to develop internal combustion engines and plug-in hybrids in some markets,”because the global transition to pure electric vehicles is slower than many expected and more uneven globally.
” “We are learning from the leaders and making sure our power system is perfect.
“, Previously, Land Rover planned to launch six pure electric vehicles by 2026, but reduced this target to four in February this year.
Jaguar Land Rover said that despite the slowdown in sales of electric vehicles in some global markets, the new Land Rover Range Rover electric vehicle has successfully attracted many users around the world.
, In the Indian market, Tata Motors has been competing with Hyundai Motor to become the second-largest automaker.
In the past two years, Tata Motors has expanded its electric vehicle lineup, and its popular SUV models have also helped it gain market share.
Next week, the company will launch a new mid-sized SUV model, the Curvv, and will give priority to the electric version.
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