Report: Jaguar, Land Rover to Invest PHP963.4 Billion in Electric Vehicles
The future of mobility is strongly leaning towards electrification as car manufacturers around the world are investing heavily to the reasearch and development of electric vehicles (EV). Jaguar and Land Rover reiterated its commitmment to EVs as they invested around PHP 963.4 billion toward the so called future vehicles.
In a report by Automotive News, Jaguar and Land Rover is raising the said investment over the next three years as the automaker plans to "offer electrified versions of all its nameplates." The reason behind this billion dollar investment is that clients of Jaguar and Land Rover are having second thoughts about buying diesel-powered vehicles in the United Kingdom and mainland Europe. As a result of customers holding back on diesel cars, the report added that the company's "profitability were well below internal targets."
This wariness about diesel-powered cars is not much of a surprise because U.K. is one of the countries that wants to get rid of fuel-based cars. The British have previously announced that they will ban new diesel and gasoline cars by 2040.
While that is more than two decades away, the U.K.'s commitment to ban internal combustion cars may have already done its effect toward consumers. The decline of diesel-powered cars could mean that car buyers in the U.K. are strongly looking forward to the dawn of EVs. Other countries that want to get rid of fuel-powered cars are France, India, Norway, and Germany. The number of countries that would follow suit could increase as EV developments all over the globe are not slowing down.
In the Philippines, there's a significant push to promote EVs. The Electric Vehicle Association of the Philippines (EVAP) are on the forefront of this EV movement in the country.
EVAP has been hosting annual summits that intends to promote and to educate the Philippines about the benefits of EVs. In fact, they'll be holding the 6th Philippine Electric Vehicle Summit on June 10 and 11 at the SMX Convention Center in the Mall of Asia complex in Pasay City. Nissan and Mitsubishi are among the main partners of EVAP in this year's summit.
Featured Articles
- Latest
- Popular
-
-
SCTEX toll fee rates to go up tomorrowRuben Manahan IV . Nov 18, 2024
-
Pump prices to go down this weekRuben Manahan IV . Nov 18, 2024
-
BYD to introduce Denza in PH by 2025Ruben Manahan IV . Nov 18, 2024
-
-
Nissan sells portion of stake in MitsubishiPaulo Papa . Nov 18, 2024
-
-
CAMPI-TMA sales grow 8.9% in Jan.-Oct. 2024Ruben Manahan IV . Nov 15, 2024
-
VinFast sells over 11k EVs in Oct. 2024Paulo Papa . Nov 15, 2024
-
SCTEX toll fee rates to go up tomorrowRuben Manahan IV . Nov 18, 2024
-
-
Recommended Articles For You
-
-
-
SCTEX toll fee rates to go up tomorrowRuben Manahan IV . Nov 18, 2024
-
Pump prices to go down this weekRuben Manahan IV . Nov 18, 2024
-
BYD to introduce Denza in PH by 2025Ruben Manahan IV . Nov 18, 2024
-
Featured Jaguar Cars
- Popular
Jaguar Car Articles From Zigwheels
- News
-
Jaguar undergoes rebranding, new identity defined by ‘Exuberant Modernism’Ruben Manahan IV . Nov 20, 2024
-
JLR global H1 sales up by 3%Paulo Papa . Oct 16, 2024
-
Tata-owned JLR mourns passing of former ChairpersonPaulo Papa . Oct 16, 2024
-
Jaguar launches F-Pace 90th Anniversary EditionCesar Miguel . May 31, 2024
-
Jaguar launches car-sharing pilot with I-PaceHazel Nicole Carreon . Sep 25, 2023
