Jaguar Land Rover India plans to initiate ten product-related actions in the current fiscal, including new generation model launches and the introduction of updated versions, in order to consolidate its position in the domestic luxury vehicle segment, according to a top company executive.
The automaker, which is owned by the Tata Group, recently introduced its fully electric SUV I-PACE in the domestic market.
“We are looking to further fortify our position in the market with ten strong product actions planned in FY 2021-22, including new generation products, facelifts, new body styles, plug-in-hybrids and new power-trains,” JLR India President and Managing Director Rohit Suri.
Overall, the company believes that there is a huge headroom for growth in the luxury car segment in India, he said.
“As the Indian economy continues to flourish, the number of Indian HNI’s will also grow and that will fuel demand for luxury cars organically,” Suri said.
He added that the company aims to grow faster than the luxury car market in the domestic market in the current fiscal.
“In line with the growth in the economy, we expect the luxury car market to witness a strong double digit growth and we will strive to grow faster in FY 2021-22,” Suri noted.
On I-Pace launch, he said that with the model the company wants to focus on providing customers with a seamless and worry-free EV ownership experience, while watching developments in the EV market very closely, including customers’ likes and dislikes.
“As such, we will strive to maximise the sales potential of Jaguar I-PACE and prepare ourselves for an electrified future,” he added.
In February this year, JLR announced plans to become a net-zero carbon business by 2039 for which its Jaguar brand will become an all-electric luxury vehicle marque from 2025.
As per its new ‘Reimagine’ global strategy, all Jaguar and Land Rover nameplates will be available in pure electric form by end of the decade, and the first all-electric Land Rover SUV model will be launched in 2024 and the brand will have six pure electric variants in the next five years.
With the company pushing for electrification of its vehicles, the company will also undergo a reorganisation of its manufacturing units.