Jaguar to spend $2.4 billion in new sports car drive

Will create 1,700 jobs at its plant in Solihull

British luxury carmaker Jaguar Land Rover (JLR) plans to create 1,700 jobs at its plant in Solihull as part of a 1.5 billion pound investment to expand its range of sports cars.

 

The cash will be spent on designing systems to help the group introduce new one-piece "aluminium vehicle architecture" into its range.

 

The company, owned by India's Tata Motors , on Tuesday said the investment would also deliver another 24,000 jobs in the supply chain.

 

A Jaguar sports sedan, due to be launched in 2015, will be the first to feature the new technology. It will also be the first car to use engines from JLR's new engine plant in Wolverhampton.

 

Jaguar's first ever sports cross-over vehicle, called the C-X17 concept, also featuring an aluminium frame, will follow the sports car.

 

JLR Chief Executive Ralf Speth said the investment would allow the company to deliver "an enhanced range of models ... in new segments and markets."

 

Jaguar plans to launch new affordable models from 2015 in a bid to emulate the success of lower cost luxury vehicles made by its sister company Land Rover, sources told Reuters in July.