Land Rover announces all-electric Range Rover Sport

Land Rover announces all-electric Range Rover Sport

Land Rover revealed its newest addition to its lineup, an all-new Range Rover Sport. It is a cult favorite among the brand's fans, with the mid-size SUV known for its street prowess than its performance off the pavement. It can go off-road if needed with its advanced all-wheel drive system, since it is a Range Rover.

The new Range Rover Sport, in addition to being offered with mild hybrid, plug-hybrid and traditional V 8 power, will also have an all-electric version coming in 2024.

Range Rover Sport joins its big brother Range Rover in offering an electric vehicle EV version by 2024, as the brand continues to focus on its mission of 6 EVs on sale by 2026, and 60% of its sales coming from EVs by 2030.

Land Rover says it designed the new Range Rover Sport on a platform that would allow both internal combustion engines and electric powertrains, because that is what its diverse clients wanted.

We still have those V 8 purists and diehards, but we have a lot of consumers out there begging for their Range Rovers and Range Rover Sports to be electrified. The parent company of Tata Motors TTM -- Jaguar Land Rover's India-based parent company is going through some more acute concerns after the EV transition.

The company posted a surprise loss for its most recent fiscal quarter this week, citing the ongoing chip crisis stemming from COVID shutdowns in Asia.

The two biggest concerns are inflation and semiconductors. It is going to be a difficult few months, said CFO PB Balaji, of Tata Motors, in a call with reporters.

Jaguar Land Rover says the global chip shortage will last until 2023, which is not good news if the brand plans to launch two new EVs in 2024.

Jaguar Land Rover's order book grew 8.4% last quarter to around 168,000 vehicles, and all isn't bad for the brand, as the order book grew 8.4% last quarter.

ADR-listed shares of Jaguar Land Rover parent Tata Motors went up around 9%.

Pras Subramanian is a senior autos reporter for Yahoo Finance.