With F-PACE, Jaguar will enter the ultra popular segment of the luxury sports utility vehicle in a radical departure for the 80-year-old brand.

The company is also planning to launch two diesel powered Range Rover models in North America in 2016 with new engines promising fuel savings of upto 30 percent when compared with gasoline engine powered models.

The fast-growing luxury car segment has traditionally been dominated by German brands Audi, BMW and Daimler's Mercedes-Benz, but JLR is among those seeking to take a bigger slice of the profitable market.

"With...the introduction of the new Jaguar XE and the Land Rover Discovery Sport, we anticipate retailing over half a million vehicles for the first time in the company's history," Group Sales Operations Director Andy Goss said.

However JLR did not disclosed the price for the new SUV.