Jaguar To Go Fully-electric By 2025
As automakers transition to a future of electric vehicles, a handful of them are targeting specific dates to offer only electric vehicles.
Bentley Motors announced in November that its model range will be exclusively plug-in hybrid or battery electric vehicles by 2026 and full electric vehicles by 2030. General Motors announced just a few weeks ago that it will also phase out the internal combustion engine as it will offer only electric vehicles by 2035.
Jaguar Land Rover is the latest automaker to commit to a date to offer only electric vehicles as the company announced earlier this week the Jaguar vehicle lineup will be all-electric by 2025. The company also announced Land Rover will see offer its first all-electric variant in 2024 with a total of six pure electric variants to be offered in the next five years.
By 2030, Jaguar Land Rover estimates 100% of Jaguar sales and around 60% of Land Rover sales will be electric vehicles. Jaguar Land Rover's goal is to achieve net zero carbon emissions across its entire supply chain, products and operations by 2039.
Jaguar Land Rover has committed £2.5 billion, or about $3.5 billion, per year to to invest in electrification technologies and the development of connected services. The automaker is also developing hydrogen vehicles with prototypes expected in the next 12 months in anticipation of the expected adoption of clean-hydrogen fuel-cell power.
"As a human-centred company, we can, and will, move much faster and with clear purpose of not just reimagining modern luxury but defining it for two distinct brands," Jaguar Land Rover CEO Thierry Bolloré said. "Brands that present emotionally unique designs, pieces of art if you like, but all with connected technologies and responsible materials that collectively set new standards in ownership. We are reimagining a new modern luxury by design."
With Norway, France, the UK and even the state of California set to ban the sale of new internal combustion engine vehicles in the coming years, automakers are rushing to go fully electric.
Adidas prepares to sell Reebok. 15 year after acquiring Reebok for $3.8 billion, Adidas announced it has decided to begin a formal process to divest the brand as part of its five-year strategy. Adidas will report Reebok as a discontinued operation beginning in the first quarter of 2021. "Reebok and Adidas will be able to significantly better realize their growth potential independently of each other," Adidas CEO Kasper Rorsted said. Options for Reebok include spinning it off as an independent public company or selling it outright.
Nestlé to launch vegan KitKat. Nestlé announced it will launch a vegan KitKat bar later this year called KitKat V. The KitKat V will initially only be available through the KitKat Chocolatory and select retailers before a wider rollout. "One of the most common requests we see on social media is for a vegan KitKat, so we're delighted to be able to make that wish come true," Nestlé Head of Confectionery Alexander von Maillot said. "I can't wait for people to be able to try this amazingly tasty new KitKat. This is a product for everyone who wants a little more plant-based in their life!"
Goldman Sachs debuts robo-adviser. Goldman Sachs' Marcus Invest is launching a robo-adviser that will invest in various managed portfolios consisting of stock and bond ETFs. The automated service will use models developed by Goldman Sachs' investment-strategy group, which has historically only been accessible to institutions and high-net-worth clients. The move is the latest by Goldman Sachs to push further into consumer banking through its Marcus division, which was launched in 2016.
CoreLogic to see a bidding war? CoreLogic has received a $6.9 billion acquisition offer from CoStar Group just a couple of weeks after receiving an $80 per share cash offer from Stone Point Capital and Insight Partners. CoStar's all-stock buyout offer values CoreLogic at $95.76 per share and would give CoreLogic shareholders over $1 billion more in value compared to the competing offer. "We do not believe the Pending Transaction maximizes value for CoreLogic stockholders and we continue to believe in the strong strategic rationale for the combination of our two companies," CoStar Group wrote to CoreLogic's board. "We hereby submit this "Competing Proposal" that will provide superior value to CoreLogic's stockholders."
SPAC to take Owlet Baby Care public. Owlet Baby Care, which offers a digital parenting platform including baby monitors, is going public through a merger with Sandbridge Acquisition Corporation. The deal values Owlet Baby Care at an enterprise value of nearly $1.1 billion as it will trade on the New York Stock Exchange under the ticker OWLT. Owlet says it is going after an addressable market of more than $81 billion. "We're thrilled to partner with Sandbridge as we continue our goal of helping parents succeed in the parenting journey," Owlet founder and CEO Kurt Workman said.