Tata Motors-owned British luxury car brand Jaguar aims to bounce back from mediocrity. To achieve that target, the automaker plans to tap rich American buyers with polarizing designs. Auto News has reported that the automaker is targeting 20 million millionaires in the US who could be its potential customers in an attempt to salvage the brand. Jaguar Land Rover CEO Adrian Mardell believes that chasing volume has impacted the brand negatively and in a revised strategy, the company aims to change that situation.
The report has quoted Mardell saying that Jaguar will aim for a lower volume and higher price positioning, which will be the right thing to do for the company. This would make the Jaguar cars more elusively premium, raising the bar. He pointed to the fact that during the 1990s, Jaguar was highly successful in the North American market, when its cars were more expensive and targeted a wealthier demographic than the brand has been chasing for the last 20 years.
(Also read: JLR on track to become all-electric luxury brand; new car launches slated for 2025: N Chandrasekaran)
The JLR chief further conceded that the automaker’s strategy to chase volume during the previous two decades, first under Ford and then Tata Motors, has resulted in it losing touch with the wealthy car buyer community. He also admitted that it is a lot of work to build that brand equity. In order to bring back the luxury glory to the brand, Jaguar is focusing on fearless designs, which would be conceived to shock and reengage wealthy buyers.
The auto company’s design chief Gerry McGovern said that the brand will not worry about being loved by everybody. “What we will not worry about is being loved by everybody, because that is the kiss of death,” he said further adding that this is what has put Jaguar in the situation it is in today, which is with no equity whatsoever.
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