The iconic British automotive brand Jaguar has stopped selling new vehicles in the UK. The brand is set to rebrand itself as a high-end electric vehicle (EV) manufacturer by 2026.
What Happened: Jaguar Land Rover, a subsidiary of Tata Motors, will not be shipping any new Jaguars to UK dealers until 2026, as per an ET report. All Jaguars currently in stock are now classified as pre-owned.
The decision to transition Jaguar into an EV-only brand was made in early 2021, in line with the UK government’s plans to phase out sales of new petrol or diesel cars by the end of the decade. However, the transition has proven to be more complex than expected for both the company and the country.
See Also: BSE Q2: Net Profit Up 188% At ₹346 Cr, Beats Estimates
U.K. carmakers, including Jaguar Land Rover, are finding it challenging to meet the zero-emission vehicle mandate that came into effect this year, which requires 22% of new cars sold to be non-polluting. As of October, only 18% of new cars registered were battery-electric vehicles.
Companies that fail to meet the mandate can avoid penalties by purchasing credits from competitors who have exceeded the mandate, such as Tesla Inc., and offset early-year shortfalls with over-compliance in the future.
The luxury car maker sold 5,257 units in October, a 12.8% slump from the 6,031 units sold in the same month last year. Jaguar’s sales for the month stood at 1,405 cars, an around 3% dip from the 1,449 units sold in the same month last year.
Read Next: Eicher Motors To Post Q2 Results On Nov 13: What To Expect?
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Don’t miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
