Jaguar is facing yet another setback as the company has announced plans to repurchase almost 3,000 I-Pace EVs from the 2019 model year due to concerns about the risk of fire. These vehicles have been plagued by recalls and safety issues over the years, despite efforts to address and fix these issues.
The affected cars, all built in 2018, have been the subject of multiple recalls aimed at addressing the potential fire hazard posed by their batteries. Despite software updates and other fixes, several vehicles still experienced battery malfunctions that could lead to a fire. In response, Jaguar advised owners to charge their vehicles outside and imposed an 80% charging limit as a precautionary measure.
After further investigation, Jaguar determined that it was not feasible to repair all the affected vehicles and decided to buy them back instead. This move is expected to relieve the financial burden on the company, especially considering the depreciating value of the affected models.
In addition to the buyback, Jaguar has announced that production of the I-Pace will end in December of this year. The decision to discontinue production is part of the company’s broader strategy to transition to a fully electric lineup and reposition itself as a more upscale competitor in the luxury electric vehicle market.
Looking ahead, Jaguar is set to introduce three new electric models built on a bespoke EV platform. The first of these models will be a high-end fastback, with a concept version slated for unveiling on December 2 in Miami. This new direction marks a significant shift for Jaguar as it seeks to redefine its brand and offerings in the rapidly evolving electric vehicle market.