London: The British company on Monday has said that the luxury car brand 'Jaguar' will be fully electric by 2025, as the company plans to phase out internal combustion engines by spending approximately £2.5bn per year on new technology for its cars.
The 86-year old Jaguar brand which is owned by Indian conglomerate Tata Motors, hopes that this move will help turn around the fortunes of the struggling brand.
British Transport Secretary Grant Shapps appreciated the move, terming it 'huge step for British car manufacturing'.
The UK Prime Minister, Boris Johnson turned to twitter and also backed the move.
“Great news Jaguar Land Rover is set to become an all-electric brand by 2025, a significant step towards becoming a net zero business by 2039,” he wrote.
He further added, “A brilliant example of British engineering leading the industry to a cleaner future, as we build back greener”.
Great news Jaguar Land Rover is set to become an all-electric brand by 2025, a significant step towards becoming a net zero business by 2039. A brilliant example of British engineering leading the industry to a cleaner future, as we build back greener.https://t.co/iDATPQ7zJv— Boris Johnson (@BorisJohnson) February 15, 2021
Jaguar Land Rover also said that the far more profitable Land Rover brand will produce its first all-electric model in 2024 as it also has plans to phases out internal combustion engines.
Like other manufacturers, it is also under pressure to reduce the CO2 emissions from its fleet, as new regulations come into force in Europe and elsewhere.
At the same time, sales of diesels that produces less CO2 than petrol engines have been plummeting.
The British car industry's lobby group, the Society of Motor Manufacturers and Traders has said that the announcement represents an injection of confidence into the sector, highlighting the suffering of brand over the past year during the pandemic.