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Tuesday, 22 September 2015 00:02 - - {{hitsCtrl.values.hits}}
Luxury British carmaker Jaguar has unveiled its first sport utility vehicle (SUV), as the firm continues to rapidly expand its range of models despite a weakening Chinese market.
Sister brand Land Rover has long built SUVs but Jaguar’s first foray into the market with its crossover F-PACE marks the latest stage of an investment program launched by Indian owner Tata, which bought both brands in 2008.
Jaguar Land Rover has earmarked 3.6 billion pounds ($5.6 billion) for new vehicles and other capital expenditure for 2015-16 as it expands its range and overseas production with new plants due in Brazil and Slovakia alongside a manufacturing partnership in Austria.
The 80-year old brand launched its SUV as automakers try to cash in on a segment which has proved increasingly popular among women and families.
However, a number of high-end brands have suffered in recent months due to a slowdown in China, the world’s biggest car market, prompted by a cooling economy, stock market plunge and a currency devaluation.
Last year, China was Jaguar Land Rover’s fastest growing region with volumes up 28% whereas year to August sales this year were down 29%, the biggest fall of any major market, pushing global volumes down 1% to 301,778 cars.
One third of the new medium-sized model will be made from lightweight aluminium alloy, with order books open for the crossover which will retail from 34,170 pounds ($52,431) in Britain.
