Tata Motors JLR to spend £500 Million for UK plant

26 Sep 2024 , 03:06 PM

Jaguar Land Rover intends to invest £500 Million ($669 million) retooling one of its factories in England, which is set to begin producing electric SUVs.

The creator of Range Rover and Land Rover cars has already invested £250 million in its Halewood plant near Liverpool in the last year. The firm said in a statement Thursday that it will double its spending in the coming years and that the facility will eventually become all-electric.

Last month, JLR warned that its push towards EVs will cost more than expected, citing sluggish consumer demand and the necessity to continue developing combustion-engine and plug-in hybrid cars for a longer period. The Tata Motors Ltd.-owned corporation now intends to spend £18 billion over five years to develop electric choices for all of its vehicles by the end of this decade.

Carmakers across Europe have slowed their EV plans in response to falling consumer demand and subsidy cuts in countries such as Germany and Sweden. Volvo Car AB dropped its objective of selling entirely fully electric vehicles by 2030 earlier this month, essentially echoing Mercedes-Benz Group AG’s retreat from a similar promise in May.

Ford Motor Company opened the Halewood facility in 1963. It has recently produced major vehicles for Jaguar Land Rover, such as the Range Rover Evoque and Discovery Sport. The automaker plans to begin producing medium-sized electric sport utility vehicles at the plant, in addition to combustion-engine and hybrid versions.

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