New Jaguar CEO insists controversial rebirth will happen amid falling profits
During an investor call to discuss Tata Motors and JLR's financial results, Mr Balaji was asked about Jaguar's rebirth, which was brought back into the spotlight last week after criticism by US President Donald Trump.
Mr Balaji said: 'We have put our plans together, the cars are being revealed, they're getting exciting response from the customers on the ground. Therefore that's what the strategy is.'
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As part of Jaguar's reimagining under former CEO Thierry Bollore, and current CEO Adrian Mardell, the British marque will no longer compete with BMW, but will instead take on Bentley. It's hoped reduced volume will more than matched by increased profit margins.
In December 2024 the company revealed its eye-catching new design language with the Type 00 concept, as well as a rebrand that, largely, ditches its familiar leaper logo for a modernist word mark.
Aside from the F-Pace SUV, production of Jaguar models has stopped in anticipation of the brand's relaunch.
Mr Balaji will take over as CEO of JLR in November when current CEO Adrian Mardell retires after 35 years at the firm, three of which he spent in charge. Mr Balaji has been JLR's chief financial officer since joining the firm in 2017.
JLR saw its profit before tax and exceptional items fall to £351 million during the April to June quarter, down 49.4 per cent from the same period last year.
The automaker blamed foreign exchange rates, and reduced sales volume due to tariffs imposed by US President Donald Trump, which he raised to 27.5 per cent. The increased tariffs prompted the manufacturer to pause shipments to the US in April.
Subsequent trade deals saw the tariff reduced to 10 per cent for the first 100,000 cars per year from the UK, and 15 per cent for all vehicles from the EU. Most of JLR's models are built in the UK, but the Defender is made in Slovakia.
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