Jaguar reveals a $130,000 all-electric vehicle. Why?

At a darkly lit event in a Manhattan warehouse this week, actress Florence Pugh, Knicks player Karl-Anthony Towns as well as throngs of influencers all gawked at the Jaguar Type 01, the British automaker’s first new model in nearly a decade. A sizzle reel showed the $130,000 all-electric vehicle racing through New York in a style straight out of “Tron.” Then, Jaguar Managing Director Rawdon Glover took the stage. “Tonight we can say, ‘Jaguar is back,’” he said to rapturous applause. Nearly two years after Jaguar unveiled its controversial new logo, the prestigious automaker is doubling down on its futuristic rebrand with a new model that mirrors the divisive look. But a high-end EV is a tough sell. Jaguar once went head-to-head with competitors like Mercedes-Benz and BMW, making splashy appearances in James Bond films. But the brand’s shimmer has worn off over the decades, first under Ford and then under India’s Tata Motors, which bought Jaguar Land Rover in 2008. More recently, Jaguar has struggled with leadership turnover and an aging lineup, ending production for most models two years ago while newer rivals like Tesla, Lucid and Porsche sped past. But Jaguar has returned with a vehicle that doesn’t look like its predecessors in the hopes that it will attract a younger buyer. First revealed as a concept car in 2024, the Type 01 is the 104-year-old brand’s “most aerodynamic Jaguar ever,” according to a press release. The iconic leaping Jaguar hood ornament got the axe, as did the round, wide-set headlights. The sedan has a distinct, boxy silhouette and the ability to drive up to 450 miles on a full charge and accelerate to 62 miles per hour in just three seconds. At first glance, it’s “competitive and attractive,” said Stephanie Brinley, principal automotive analyst for Mobility Global. “They were looking for a new buyer entirely, in the sense that it’s not old school luxury at all,” she told CNN, adding that it’s “for somebody who’s identifying a little bit differently with how they want to demonstrate luxury.” Jagged issues In 2024, Jaguar was looking to reinvent itself. The once iconic automaker had stripped itself down, selling only one model in the US and not a single one in the British market. Jaguar hit the reset button that year, rolling out a new logo and polarizing branding that highlighted its upcoming all-electric vehicle lineup. However, Brinley said any blowback was brief and the controversy reignited interest in the company. “It certainly brought a big lens to this project and contributed to how closely it’s being watched,” she said. Plus, the new look is part of a shift back to Jaguar’s designer roots, said Sean Tucker, managing editor for Kelly Blue Book, pivoting from the mass market brand it was under Ford. The original E-Type sports car from the 1960s, identifiable by its sweeping curves and long hood, Jaguar was “almost sort of a fashion brand,” he said. But that ethos has been lost under different owners that had different theories for how to run the company. “(Jaguar is) moving into a whole different tax bracket effectively where they’re competing with Aston Martin and Ferrari,” he said. Who’s it for? At Tuesday’s event, Jaguar invited a crowd that it was likely hoping would buy a Type 01: Young, rich and influential. But assembling the VIP list is probably the easiest part of the launch. “They need to find buyers that are willing and interested in the electric space, and there has been a lack of interest to some degree for electric vehicles in the higher-end sedan market,” Brinley said. And with the six-figure price tag, the Type 01 is likely for a multiple car household. Jaguar hasn’t publicly disclosed sales goals for when the Type 01 is released next year. But the US could be a tough market. Electric vehicles accounted for just under 10% of US new car sales last year, and sales have faced difficulty following the expiration of a federal tax credit for EV buyers. Tesla, the nation’s largest EV maker, reported last week that third quarter sales fell 2% from a year ago. International sales are a different story. Tucker thinks the Type 01 will likely see success in Europe and Asia. Sales of electric vehicles there have risen dramatically, according to the International Energy Agency, as the energy crisis drags on. But the high-end EV category that Jaguar is entering is already crowded and has several rivals, including the Porsche Taycan, Mercedes EQS and Lucid Air — all of which have struggled in sales. The Type 01 is just one vehicle of a broader relaunch for Jaguar, with all future vehicles being electric and priced in the same neighborhood. For Brinley, the Type 01 is a good first step. “However, they’ve still got a lot of work to do because it won’t be one car that sort of revives them as a brand,” she said.