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
-
-
CAMPI, TMA enjoy 13%-growth in Q1 2024Ruben Manahan IV . Apr 22, 2024
-
BYD Cars PH, BPITCRC forge partnershipRuben Manahan IV . Apr 17, 2024
-
-
Suzuki PH joins MPLB for 2nd timePaulo Papa . Apr 16, 2024
-
Isuzu PH, PHRX refreshes collaborationRuben Manahan IV . Apr 15, 2024
Recommended Articles For You
-
BYD Cars PH, BPITCRC forge partnershipRuben Manahan IV . Apr 17, 2024
-
-
Isuzu PH, PHRX refreshes collaborationRuben Manahan IV . Apr 15, 2024
-
Fuel prices to spike up anew this weekRuben Manahan IV . Apr 15, 2024
-
-
Featured Jaguar Cars
- Popular
Jaguar Car Articles From Zigwheels
- News
-
Jaguar launches car-sharing pilot with I-PaceHazel Nicole Carreon . Sep 25, 2023
-
F-Type 75 heralds Jaguar anniversary and sports car's final yearDylan Afuang . Oct 12, 2022
-
Jaguar Land Rover opens EMC lab in UK to ensure connectivity and electronicsHazel Nicole Carreon . Aug 03, 2022
-
Jaguar hybrids' Predictive Energy Optimization can increase efficiency by up to 10%Hazel Nicole Carreon . Jul 28, 2022
-
Jaguar F-Type to escort NYC Pride March Grand MarshalsHazel Nicole Carreon . Jun 24, 2022
