British luxury carmaker Jaguar Land Rover (JLR) has introduced the first fully electric model under the Range Rover brand. The vehicle will be manufactured at the company’s plant in Solihull, UK, according to the BBC. The automaker has begun accepting orders for the new electric vehicle, with prices starting at £154,070.
You might like: Trading vs. Investing
Electric Range Rover Debuts with 600 km Range as JLR Net Profit Plummets to £66 Million
According to the company, the electric Range Rover can travel roughly 600 kilometers on a single charge. The new model arrives at a time when the automaker is struggling with declining profits and supply chain disruptions. Furthermore, last autumn the company was hit by a cyberattack that forced it to halt production for more than a month.
In August, the automaker announced that its net profit for the first fiscal quarter ended June 30 plummeted to £66 million from £248 million a year earlier. Year-on-year revenue fell nearly ten percent to £6 billion.
Read more: eToro – Review
JLR Eyes Growth Amid Global Industry Challenges
In its August earnings report, Jaguar Land Rover’s management stated that the automotive industry continues to face “geopolitical, inflationary, and regulatory challenges.” However, it also expressed confidence that the company remains in good health, partly thanks to new “exciting products” scheduled to launch in the coming months.
JLR operates factories in the UK, Slovakia, India, and Brazil, as well as a vehicle manufacturing joint venture in China. In Nitra, Slovakia, the plant assembles the Defender and Discovery models.
Also read: InvestingFox – Broker review
Source: Reuters
