Jaguar Land Rover aims for a million annual sales by 2020
Jaguar Land Rover has reportedly set an ambitious annual sales goal of a million units by the end of the decade.
Known as ‘Leap 4.5,’ the company’s growth strategy also includes plans to slash £4.5 billion (~$6.8 billion USD) in costs during the same time-frame, according to a report in The Sunday Times. Slashing expenditures is said to help prepare for potential long-term trouble in China and the ever-increasing costs for emissions reduction.
The British automaker is likely hoping its new F-Pace crossover (pictured) will help revitalize the Jaguar brand in the US market. As crossovers and SUVs continue to demonstrate strong growth, Jaguar’s current lineup has experienced a 4.9-percent sales drop in the US market as Land Rover sales have climbed by more than 32 percent.
Unconfirmed reports suggest Jaguar is working on an entire family of utility vehicles to follow the F-Pace. The rumored expansion is said to include a small model aimed at the Audi Q1, along with an all-electric offering to take on the Tesla Model X.
The 2020 sales target, which has not yet been officially announced, represents a doubling of JLR’s current global deliveries. The company sold nearly 463,000 units last year and expects to surpass the half-million mark for 2015.
The company recently announced intentions to build a new factory in Slovakia. The plant is expected to open in 2018 and eventually have a 300,000-unit annual production capacity.