Jaguar Land Rover to launch five new models and appeal to 'luxury' customers in fresh growth plans

He stated that the iconic British brand was targeting "medium-term double‑digit revenue growth" through its House of Brands strategy.

This will allow JLR to cater to a wide base of customers and diversify its sources of growth through greater flexibility.

Jaguar Land Rover also revealed future plans for its upcoming cars, with 2026 set to see a number of new vehicles being debuted from across its brands.

Further details and a first glimpse at the first electric Jaguar will be revealed after this year, after it announced the name - the Type 01 - earlier this year.

Jaguar will become JLR's "uniquely" electric brand, with all manufacturing taking place at the automaker's base in Solihull.

The brand, which recently celebrated its 90th anniversary, underwent significant changes in recent years to make Jaguar more "distinctive, bold and aspirational".

An electric Range Rover will also be revealed later this year, as JLR debuts its Electrified Modular Architecture (EMA) platform at its Halewood, Merseyside, facility.

The Range Rover and Range Rover Sport will remain on the flexible modular longitudinal architecture (MLA).

This technology is able to produce hybrids, plug-in hybrids and battery electric vehicles ahead of the launch of the Range Rover Electric and Range Rover Sport Electric.

Jaguar Land Rover also reaffirmed its commitment to the future of the UK car industry with additional flexibility as part of its full hybrid propulsion offering.

Commenting on the new strategy, CEO PB Balaji said JLR would be launching five new products over the next two years across the House of Brands.

He emphasised that "now is also the time" to evolve and offer global markets extra choices for vehicle propulsion options.

Mr Balaji added: "To truly manifest the power of our brands, we will increase our focus on North America, our biggest market. The rising demand for luxury products, coupled with the strong preference we see for our brands, signals significant growth potential.

"Apart from accelerating our existing offerings, we are also exploring new high-potential segments for our Defender brand, which will allow us to offer tailored luxury products and experiences for even more of our US clients."

The CEO, who has been in the role since November last year, said he hoped the US business would grow to the size of the entire JLR business as it exists today.

JLR will also work alongside Stellantis through a non-binding Memorandum of Understanding to collaborate on products and technology in the United States.

It reconfirmed its existing five-year commitment to invest £18billion in future technologies, vehicle platforms and transformation by the 2029 financial year.

Production of the brand's best-selling model, the Land Rover Defender, will continue in Nitra, Slovakia, while JLR confirmed that the Defender family would welcome a hybrid and electric variant.