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$NETE Jaguar Pledges to Be All Electric by 2025

With several countries across the world looking to replace the combustion engine vehicles on their roads with zero-emission electric vehicles, most automakers have had to go back to the drawing board to figure out how they will exist in a world without combustion engines. Nissan, for instance, jumped onto the electric vehicle (“EV”) bandwagon years ago with the Nissan Leaf, while automakers such as General Motors have invested heavily in EV startups while still others have started electrifying their own lineups.

In that vein, Jaguar Land Rover has announced incoming changes to its Land Rover and Jaguar brands. Within the next five years, Land Rover will unveil six new all-electric vehicle models while Jaguar, its sister brand, will be overhauled into an all-electric luxury vehicle brand by 2025. According to Jaguar Land Rover (“JLR”), all of its brands will have electric versions by 2030 as part of a company-wide review by incoming CEO Thierry Bollore.

If his plans succeed, Jaguar will be producing all-electric vehicles by then while 60% of Land Rover sales will be electric. A public statement from the company said Land Rover will produce the six electric vehicle models via its Range Rover, Defender and Discovery families, with the first pure-electric model hitting the roads in 2024. JLR’s plans for the Jaguar brand, however, aren’t as simple.

First, the automaker will have to reverse its long-term plans to develop a next-gen pure-electric XJ flagship limousine which was expected to launch this year but was put on the back burner. A statement from the company said that although it will retain the Jaguar XJ name plate, the replacement for the next-gen limousine will not be part of the lineup. However, Jaguar Land Rover has not clarified how the plan to reimagine Jaguar as an all-electric luxury vehicle brand will affect existing models such as the F-Pace, E-Pace, XE and XF.

Thierry Bollore, former CEO of Renault and incoming Jaguar Land Rover CEO, is responsible for this incoming suite of changes. Although he was appointed to replace former CEO Dr. Ralf Speth last September, he has remained under the radar as he reviews the company’s current lineup of vehicles and plans for future launches.

Jaguar Land Rover will also retain all of the production facilities it currently uses, the company’s release said, putting to rest rumors that it may have to shut down one of its UK facilities. For its pure electric models, Jaguar will employ the Electric Modular Architecture (“EMA”) while its hybrid electric and combustion engine vehicles will use the Modular Longitudinal Architecture (“MLA”) platform.

Other companies have significant EV plans for the future. Having enjoyed immense success as a global financial services provider over the years, Net Element (NASDAQ: NETE) is set to make its mark on the EV sector through a reverse merger executed with Mullen Technologies Inc., a California-based maker of electric vehicles.

NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE

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Friday, March 5th, 2021 Uncategorized
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