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Jaguar plans to spend £1.5bn on developing its controversial new all-electric vehicles, which have drawn comparisons to Barbie’s car and the FAB 1 from Thunderbirds.
Adrian Mardell, the boss of parent company Jaguar Land Rover, said the investment will be spread over the next five years as the company develops three new models, the first of which is scheduled to go on sale in 2026.
While JLR has previously said the cars would sell for more than £100,000, Mr Mardell suggested the figure may be closer to £150,000, or three times the price of the current F-Pace SUV.
The design concept for the Type 00 cars, which was launched last week in Miami, met with a mixed reception, prompting accusations that JLR is abandoning its heritage – together with loyal customers and dealers – in favour of a more progressive image.
The concept cars debuted in “Miami Pink and London Blue”, but attention focused on the pink model. It drew comparisons with the FAB 1 car driven by Lady Penelope in the Thunderbirds and the Barbie car. Others suggested that Jaguar be renamed Pink Panther in light of the overhaul.
Credit: Jaguar
The launch extended the controversy over Jaguar’s ongoing rebrand, which has seen it consciously shift away from its traditional market of older male drivers to appeal to a younger, more diverse customer. Critics have accused the company of going “woke”.
Mr Mardell said the Type 00, which discards Jaguar’s traditional curves for a slab-fronted look, will spearhead “a total reinvention” of the marque in terms of design, price and engine type.
JLR, which is owned by Tata Motors of India, is betting that by relaunching Jaguar it will be able to reposition the brand as a more upmarket proposition, just as it did with the Land Rover.
The classic Range Rover now sells for £125,000, or 30pc more than a decade ago, while average revenue per vehicle across the JLR lineup has jumped from £40,000 to £72,000.
Mr Mardell said Jaguar would need to sell about 30,000 of the new cars a year to break even at a price of £150,000, according to an interview he gave to The Sunday Times.
Jaguar sold only 67,000 vehicles in 2023-2024 at a far lower price point. Sales topped 180,000 before the pandemic.
Production is set to begin with a four-door grand tourer, followed by an SUV and a saloon car. Mr Mardell said that Jaguar had attracted 16,000 “expressions of interest” in the Type 00 following the Miami unveiling.
The brand has ceased production of most existing models as it focused attention on the relaunch. UK sales ended last month, other than a small number of electric I-Pace cars available to fleet buyers. Production of the F-Pace will continue for export markets until early next year.
Gerry McGovern, JLR’s chief creative officer, dismissed criticism that at five metres (16 feet) long the Type 00 will be too large, saying “Britain isn’t its biggest market” and that in the US and China “it won’t appear to be massive.”