Jaguar looks to woo younger, richer drivers with $160,000 Type 00

The Jaguar brand showcased its desire to attract younger, more affluent customers during an event in Paris where they unveiled their latest concept car, the Type 00. This new model offers fully electric opulence but comes with a hefty price tag.

The sleek, athletic-looking concept car unveiled to European journalists on Friday hints at a production version anticipated by mid-2026 with an initial price tag of around €150,000 ($160,000).

That's double what the current line-up of Jags cost, positioning it more in Porsche territory.

However, this esteemed British brand — which has been under the ownership of the Indian automotive conglomerate Tata Motors since 2008 — has launched an initiative to reinvent itself as a vehicle aimed at attracting a much younger demographic compared to its traditional customer base. This move comes particularly as the market shifts towards electrification.

Towards the end of last year, the company garnered attention by introducing a new logo with curved typography along with an advertisement that showcased a vibrant, multiethnic group of models — without any automobiles in sight.

The Type 00 prototype is equally as colourful: the electric blue version shown off looked like it had come from the set of a "Tron" movie.

Jaguar says the philosophy behind its newest offering is "exuberant modernism".

Jaguar's managing director, Rawdon Glover, on hand to sit behind the prototype's wheel, called it "a very clear manifestation of all of the future Jaguars that will come".

The target market, Glover said, was "maybe between 35 and 50" and with "definitely an interest in design and interest in technology".

Jaguar faces an uphill battle nonetheless.

Based on data from the European Automobile Manufacturers' Association (ACEA), Jaguar accounted for just about 1.2 percent of the European car sales market in January of this year.

Between April 2023 and the end of March 2024, the firm reported selling 78,000 vehicles across Europe as stated in their 2024 yearly filing.

As the market for electric cars expands, models from Tesla, Volvo, and Volkswagen lead the way, but many European consumers are hesitant due to escalating costs amid looming economic instability.

But Jaguar hopes the Type 00 tech will prove attractive, with a promised range of 700 kilometres (430 miles) between charges, and models offering up to 1,000 horsepower.

Nevertheless, the company failed to provide specifics regarding the bulky batteries these vehicles would be equipped with.

Other luxury car-makers are slowing their transition towards all-electric vehicles, given the muted response from their customers.

Aston Martin, Bentley, Maserati and other brands have put off their plans, and Jaguar's stable-mate Range Rover has delayed production of its electric SUV.