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The F-Pace was Jaguar's first SUV and marked a significant shift for the brand made famous for its 'sports saloons', two-door coupés and roadsters.
It was inevitable to ensure survival in an era where SUVs are increasing in popularity at the expense of the traditional saloons and estates, but its also a delicate balance because sister brand Land Rover is all about SUVs.
In the end, it was Land Rover that followed Jaguar into this (almost) large niche of the SUV sector, with the Velar a year later.
The F-Pace is more or less a rival for the Audi Q5, BMW X3, Mercedes-Benz GLC and Volvo XC60, but the new plug-in hybrid variant might give fleet managers a dilemma.
The engine and electric motor combination reflect that already offered in the Range Rover Sport and Range Rover, using a powerful turbocharged 2.0-litre engine with electric drive to achieve 404hp. The Range Rover Velar has also recently become available with this hybrid powertrain.
In the F-Pace, it translates to a charged range of up to 33 miles, with CO2 emissions as low as 49g/km. The emissions figure is not so positive for every grade, with most other derivatives achieving 50g/km or higher.
This puts only the entry level S grade in the most favourable 11% BIK tax band for 2021/22. It's competitive with rivals from BMW and Mercedes-Benz, while the 340hp Volvo XC60 plug-in hybrid doesn't have a single derivative with lower than 50g/km.
But Audi is about to revise its Q5 TFSI E with boosted electric range, so while the F-Pace's tax proposition isn't too far out of step with rivals for now, it is likely to fall behind over the next couple of years.
However, performance fans may be lured by the total power output of 404hp, which trounces that offered by all rivals of similar size.
The only problem with that is the elevated performance comes with a loftier price. The majority of fleets will factor cost per mile into choices, and the Jaguar might seem much pricier than alternatives.
Jaguar really has focused on the performance possibilities with its plug-in hybrids on the E-Pace and F-Pace, but fleets and company car drivers will have one eye on cost and tax liability.
Without being overtly sporty, the F-Pace P400E still manages to combine brisk performance and agility with staggering refinement. It's as engaging a drive as any other five-door Jaguar, with the responsiveness of the electric motor backed up by the powerful petrol engine, and both kicking into action together when required.
The interior reflects the recent changes to the Jaguar XF, which bowled us over in the February issue of Business Car. The redesign includes the new 11.4in Pivi Pro infotainment touchscreen, which is among the best we've used in a long time.
Materials are carefully chosen, and there's even a nod to Jaguar's heritage on the dashboard with a 'Established 1935 - Coventry, England' badge.
The F-Pace P400E is not perfect, but it's a strong contender and excels in areas some of its rivals don't.
Jaguar F-Pace P400E S
Residual value: 46.7%
Service, maintenance and repair: £3,367
Cost per mile: 59.5p
Fuel consumption: 129.8mpg
CO2 (BIK %): 49g/km (11%)
BIK 20/40% a month: £103/£205
Luggage capacity: 485 litres
Engine size/power: 1,997cc/404hp