British luxury carmaker JLR targets double-digit revenue rise, US growth
JLR's Strategic Growth Plans and Financial Outlook
June 17 (Reuters) - British luxury carmaker Jaguar Land Rover said on Wednesday it is targeting double‑digit revenue growth in the medium term and will prioritise the United States as a key growth market alongside its core regions.
Focus on the United States and Key Partnerships
JLR said it will prioritise the Defender brand to drive growth in the U.S. under its partnership with Netherlands-based automaker Stellantis, while also exploring new opportunities for North American customers.
Joint Development Initiatives
In May, the companies announced plans to jointly develop vehicles in the U.S.
Challenges in the U.S. Market
JLR's financial performance has come under pressure from Trump era tariffs, particularly given its lack of local manufacturing in the key U.S. market for Defender and Range Rover SUVs.
Revenue Contribution and Cost Management
JLR, which contributes about 80% of Tata Motors Passenger Vehicles' revenue, is also working on reducing costs and launching more premium cars to protect its margins from the impact of the U.S.-Iran war.
Investment and Risk Mitigation Strategies
The automaker reiterated that it aims to cut $2.3 billion in costs over two years while maintaining an 18-billion-pound ($24.15 billion) investment plan from fiscal 2024, as it grapples with trade uncertainty, a cyberattack, and a supplier fire.
($1 = 0.7455 pounds)
(Reporting by Urvi Dugar in Bengaluru; Editing by Harikrishnan Nair and Eileen Soreng)
