{"text":[[{"start":8.6,"text":"The boss of Jaguar Land Rover has said there is “no way” the British carmaker will phase out its petrol vehicles as it expands its hybrid offerings to capture the “biggest growth opportunity” in the US. "}],[{"start":20.549999999999997,"text":"PB Balaji, who took over as JLR’s chief executive in November, told the FT the carmaker would “give everything” to turbocharge its sales to “millionaires and billionaires” in the US as it seeks double-digit annual revenue growth within five years. "}],[{"start":35.949999999999996,"text":"“We are pivoting this business to face North America because we believe that’s the biggest growth opportunity that is out there for premium brands . . . like us,” Balaji said. "}],[{"start":46.3,"text":"In a strategy presented to investors on Wednesday, JLR, which is owned by India’s Tata Motors, said it would seek to expand US sales by focusing on its Defender brand and its new partnership with Stellantis. "}],[{"start":59.25,"text":"Balaji said local manufacturing in the US could be justified in the future as he predicted “the US business from a value perspective will be as big as JLR today”."}],[{"start":70,"text":"JLR, which sells about 100,000 vehicles a year in the US, makes most of its cars in the UK and Slovakia."}],[{"start":77.45,"text":"The company’s pivot to the US has coincided with tough market conditions in China and Europe, where legacy carmakers have come under pressure from the rise of BYD and other Chinese competitors. "}],[{"start":89.2,"text":"JLR suffered an annual loss and shrinking revenues in the year to March as it grappled with a devastating cyber attack and higher US tariffs."}],[{"start":98.55,"text":"Under Balaji’s plan, the former finance boss of Tata Motors will seek to reboot JLR sales with new products and quality improvements while making the company more agile and responsive to external shocks."}],[{"start":111.5,"text":"Echoing moves taken by other luxury brands, JLR said it would convert its EV platform to enable manufacturing of hybrid models that combine a petrol engine with an electric motor and a small battery."}],[{"start":124.5,"text":"Various hybrid options will be available for JLR brands, including Range Rover, Defender and Discovery, in the next few years, including in the US. "}],[{"start":134.4,"text":"When asked if JLR would phase out pure petrol models, Balaji said: “Petrol is huge in the US. It’s huge in the Middle East, so no way.”"}],[{"start":145.15,"text":"Balaji insisted JLR was not watering down its electric vehicle ambitions as it pushes ahead with the launch of five EV models in the next 18 months after a product drought over the past four years. "}],[{"start":157.75,"text":"“We are not slowing down on any of our electrification plans,” he said. “We are just building resilience in every part of the portfolio.”"}],[{"start":167.1,"text":"The delayed Range Rover Electric will be rolled out by JLR in the second half of this year. The company also plans to unveil its new Jaguar model, called the Type 01, following the brand’s repositioning as an all-electric premium marque, this year."}],[{"start":181.9,"text":"“I believe JLR has a responsibility as a luxury [carmaker] to build the luxury battery electric vehicle space,” Balaji said, although he added he would not aggressively pursue volumes with the Range Rover Electric. "}],[{"start":195.3,"text":"Balaji added he expected the sales growth from the product launches would be enough to keep its plants in the UK running without sharing capacity with rivals."}],[{"start":203.55,"text":"JLR will also carry out cost cuts of £1.7bn and aim to break even with annual sales of about 300,000 units instead of 380,000 currently. "}],[{"start":214.85000000000002,"text":"Balaji welcomed the UK government’s plans to significantly water down Britain’s ambitious EV sales targets, saying the move would allow it to continue investing in the country."}],[{"start":225.70000000000002,"text":"“It is naturally allowing the market to get to wherever it wants rather than penalise people for it,” he said. “This is a market that needs to be grown together and invested.”"}],[{"start":244.20000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1781689199_7947.mp3"}