Jaguar won't introduce any new products until 2025, according to a report from the French newspaper Le Monde. When this quiet period ends, Jag intends to become a fully electric brand with an eye on competing with upmarket firms like Aston Martin or Bentley.

This report follows similar news from early 2021 when Jaguar Land Rover CEO Thierry Bollore talked about the plans to move upmarket.  "We will reposition completely the Jaguar brand," he said at the time. "The SUV will be Land Rover. Jaguar will be different from the SUVs. Very distinct."

Gallery: Jaguar XJ Electric saloon spy shots

The company will invest £2.5 billion into electric vehicle development for a platform that will be exclusive to the Jaguar brand. The new models will possibly look quite different than the current design language. "I'm savouring the thought of helping my Jaguar colleagues to bring Jaguar back to the position it deserves," chief creative officer Gerry McGovern said.

Jaguar is so serious about this plan that it is cancelling vehicles that are already in development. For example, we saw the new XJ (gallery above) looking very close to launch before Jag decided not to introduce the new saloon.

The company also wrote off around $1.4 billion in investments into the MLA platform because the tech was too dated and not able to comply with the automaker's emissions target. This decision killed off the J-Pace project.

The new lineup will reportedly include just a single crossover, which will replace the I-Pace. The F-Pace and E-Pace will get the axe during the brand overhaul.

In addition to not launching new products, Jaguar will slowly scale back production of current products by reducing the engine and equipment choices, according to Le Monde. The plan includes cutting the workforce and lowering costs. By 2026, Jag's manufacturing capacity will be 25 percent less than the current figure.