Luxury carmaker Jaguar launches first offroader
FRANKFURT (Reuters) - Luxury British carmaker Jaguar unveiled its first sport utility vehicle (SUV) on Monday, as the firm continues to rapidly expand its range of models despite a weakening Chinese market.
Sister brand Land Rover has long built SUVs but Jaguar's first foray into the market with its crossover F-PACE marks the latest stage of an investment programme launched by Indian owner Tata, which bought both brands in 2008.
Jaguar Land Rover has earmarked 3.6 billion pounds ($5.6 billion) for new vehicles and other capital expenditure for 2015-16 as it expands its range and overseas production with new plants due in Brazil and Slovakia alongside a manufacturing partnership in Austria.
The 80-year old brand launched its SUV as automakers try to cash in on a segment which has proved increasingly popular among women and families.
However, a number of high-end brands have suffered in recent months due to a slowdown in China, the world's biggest car market, prompted by a cooling economy, stock market plunge and a currency devaluation.
Last year, China was Jaguar Land Rover's fastest growing region with volumes up 28 percent whereas year to August sales this year were down 29 percent, the biggest fall of any major market, pushing global volumes down 1 percent to 301,778 cars.
One third of the new medium-sized model will be made from lightweight aluminium alloy, with order books open for the crossover which will retail from 34,170 pounds ($52,431) in Britain.
(Reporting by Costas Pitas; Editing by Mark Potter)
