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This luxury carmaker is cutting prices

Luxury automaker Jaguar announced its cutting the price of its cars in 2016 in a bid to extend the iconic brand to more consumers.

“Our pricing has consistently been at the top of the luxury segment,” said Rob Filipovic, head of product planning for the Jaguar Land Rover in the U.S., to USA Today. “We no longer want to be a high-priced outlier in the luxury market.”

As part of the cost cuts, the 2016 Jaguar XF 35t midsize sedan will reportedly see its price slashed by 9% from the 2015 version to $52,885.

Per the publication:

The move comes as Jaguar introduces two lower-priced models that it believes together could make up as much of half of its coming sales. The entry-level compact XE sedan and F-Pace SUV both are aimed at bringing newer, younger buyers to the storied British brand. They expand the lineup to five models.

“The Jaguar brand is on the eve of a major transformation that will see it dramatically increase its presence in the United States luxury marketplace with an expanded lineup,” said Joe Eberhardt, CEO of Jaguar Land Rover North America, to USA Today.