Jaguar Land Rover raises EV drive bill to £15 bn to catch up with peers

Jaguar Land Rover (JLR), the British brand known for its luxury cars and sports utility vehicles, said on Wednesday it would invest £15 billion (nearly $19 billion) over the next five years as part of its strategy to reposition itself as an electric-first and modern carmaker.

According to international news agency Reuters, JLR had previously said it would invest £2.5 billion a year on electrification. The company has been ceding market share to its German rivals, Mercedes and BMW, and the investments are part of the efforts to catch up with its peers in the electric vehicles race.