Jaguar has echoed its commitment to the ABB FIA Formula E Championship and its nascent I-PACE eTROPHY programs today despite a difficult financial situation in the last quarter.
The British-based, Indian-owned manufacturer says that its commitment to its electric motorsport projects is “long-term” and that Formula E is a “central part” of its racing strategy.
Jaguar Land Rover announced a pre-tax loss of £90 million ($116 million) for the three months to the end of September.
It has attributed the results to lower sales, as well as uncertainty in Europe surrounding the future of diesel vehicles and the implications of Brexit.
Despite its response including “far-reaching” cost-cutting measures to develop profitability, Jaguar’s racing programs will not be impacted.
“Jaguar has a long term commitment to ABB FIA Formula E,” a Panasonic Jaguar Racing spokesperson confirmed.
“It is a central part of Jaguar Land Rover’s future electrification strategy.
“This commitment is strengthened by the introduction of the Jaguar I-PACE eTROPHY series which debuts in December. We look forward to racing again this season.”
JLR stated on Wednesday that a £2.5 billion ($3.2 billion) turnaround plan is set to take out some working capital and inventory.
CEO Ralf Speth says these objectives will: “lay the foundations for long-term sustainable, profitable growth.”
The Jaguar I-PACE was named German Car of the Year last week, following the electric SUV’s launch earlier this year and commencement of deliveries this fall.
Parts of the car’s electric drivetrain were derived from Jaguar Racing’s Formula E program which debuted at the end of 2016.
The manufacturer was the first of its kind to commit to a full factory Formula E project after announcing its plans in Dec. 2015.