Jaguar unveils £130,000 electric car in British brand’s reboot

Jaguar has unveiled its first fully electric vehicle, the Type 01, priced at £130,000 (US$172,000). The luxury grand tourer is set to revitalize the storied British brand, offering a younger target audience that may differ from Jaguar's previous customer base. The Type 01's production is slated to begin in early 2027, nearly two years after Jaguar ceased selling new cars in the UK as part of a brand overhaul focused on luxury electric vehicles.

The unveiling of the Type 01 took place in New York, following mixed reactions to previous luxury EV unveilings by Ferrari and Volkswagen. Jaguar itself needed a significant rebranding after seeing a 66,900 annual sales decline in its final full year before going into hibernation. In a surprising move, the company stopped production of all its models in 2024, except for the F-Pace SUV.

CEO PB Balaji stated that Jaguar is an integral part of Jaguar Land Rover's growth story. The EV was introduced in New York to highlight the US market's significance, as skepticism about EVs remains high among luxury buyers in the region. Meanwhile, Jaguar currently produces vehicles in its Solihull plant, with electric drive units and battery packs manufactured in Wolverhampton.

The Type 01 boasts a 400-mile range, with a rapid charge adding 200 miles in just 13 minutes. It can accelerate from 0 to 62 miles per hour in 3.2 seconds.

UK Business Secretary Jonathan Reynolds hailed the new Jaguar as a significant endorsement for the UK's automotive industry. The launch also follows investments from McLaren Automotive Ltd and Nissan Motor Co. Meanwhile, Jaguar Land Rover faces challenges such as US tariffs, a recent cyberattack, and stiff competition from Chinese manufacturers. The electric Range Rover is set to add to the new Jaguar's lineup.