This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
JLR’s New CEO Outlines Transition Plan Towards EVs
February 16, 2021
Amid the declining demand for diesel vehicles, Jaguar Land Rover has decided to spend £2.5bn ($3.49bn) annually towards developing electric vehicles. The UK-based company under new CEO Thierry Bollore has unveiled its new global strategy termed as “Reimagine” under which the carmaker will become a net zero carbon business. The strategy is in line with the sustainability model being undertaken by most carmakers including Tesla and Toyota. The company is developing clean hydrogen fuel-cell power and is focusing on rolling out pure electric models for each of its brands in 2024 including its iconic Land Rover model and has set a goal to achieve net zero carbon emissions by 2039. The company has also set a target of double-digit EBIT margins and positive cash flow, aiming to achieve zero net debt by 2025. This is after the company had posted a pre-tax profit of £439mn ($612.4mn) in the last quarter of 2020 buoyed by sales in China. JLR is a wholly-owned subsidiary of the Tata Group and will leverage this to enhance its sustainability goals to reduce emissions.
JLR’s 6.875% 2026s and 4.5% 2027s are up 0.53 and 0.04 to trade at 113.2 and 98.1, yielding 4.16% and 4.83% respectively.
For the full story, click here
Go back to Latest bond Market News
Related Posts:
Tata Motors Reports Loss on JLR Writedowns
May 19, 2021
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.