Jaguar Land Rover is targeting double-digit revenue growth in the medium term, and will prioritise selling the Defender brand in the US.
The British luxury carmaker said it will focus on the Defender to drive growth in the US, a key growth market, under its partnership with Netherlands-based carmaker Stellantis. In May, the two companies announced plans to jointly develop vehicles in the US.
JLR’s financial performance has come under pressure from Trump era tariffs, particularly given its lack of local manufacturing in the US for Defender and Range Rover SUVs.
JLR is cutting costs and launching more premium cars to try and protect its margins from the impact of the US-Iran war.
The carmaker reiterated that it aims to cut $2.3bn in costs over two years while maintaining an £18bn investment plan from fiscal 2024, as it grapples with trade uncertainty, the aftermath of last year’s cyber-attack, and a supplier fire.
JLR’s boss PB Balaji, who took the helm in November, told the Financial Times there is “no way” the British carmaker will phase out its petrol vehicles as it expands its hybrid offerings to capture the “biggest growth opportunity” in the US.
He said the company would “give everything” to turbocharge its sales to “millionaires and billionaires” in the US as it seeks double-digit annual revenue growth within five years.
We are pivoting this business to face North America because we believe that’s the biggest growth opportunity that is out there for premium brands . . . like us.
