Car maker Jaguar Land Rover is planning to invest around Rs 54,000 crore for product development in the next five years. The company wants to position itself as a top premium brand and compete better with its global rivals.
"JLR is in the catch-up stage and we are going to do whatever we can to position ourselves in the top premium brand," said Ralf Speth, CEO, Jaguar Land Rover. According to Speth, the company is planning to invest 1.5 billion pounds every year globally in order to scale up its overall business.
Jaguar Land Rover has plans to launch its sports utility vehicle Range Rover Evoque in the UK in September this year. The SUV is likely to be priced at 27,955 pounds. The company also has plans to roll out Freelander 2 from Chikhli plant in Maharashtra this year. The company is close to choosing a partner to set up a production facility in China.