Tata Motors to invest ?18 billion in JLR for EVs and flex models

21 Jun 2024 CW Team

Tata Motors has increased its five-year investment plan in its UK subsidiary, Jaguar Land Rover (JLR), by 20% until FY28, raising the investment from ?15 billion to ?18 billion, the company announced in an investor presentation.

This increased investment will be used to develop internal combustion engine (ICE) models, hybrids, and battery electric vehicles (BEVs), aligning with the company's ?Reimagine? strategy, which emphasises electrification. The majority of future product development spending will favor BEVs over the next four years.

Despite the increased investment, Tata Motors aims to maintain its return on capital employed (RoCE). It reported a RoCE of 21.3% in FY24 and expects around 22% in FY25. The company targets an EBIT (earnings before interest and tax) of 10% in FY26, up from 8.5% in FY24, driven by new products, operational efficiency, and brand investment.

Additionally, Tata Motors announced in a separate filing that JLR and China's Chery have signed a letter of intent to license the Freelander brand to CJLR (a 50:50 partnership between Jaguar Land Rover and Chery Automobile Company). This agreement will allow CJLR to develop an advanced portfolio of electric vehicles based on Chery's EV architecture, exclusively under the Freelander name.

(Source: ET)

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