Jaguar unveiled its long-awaited flagship model, the new XJ saloon, at a celebrity-studded party (well, the Hoff was there) at the Saatchi gallery this week.

The XJ goes on sale early next year, costing from £52,000 for the standard-wheelbase, 3.0-litre V6 diesel version to £88,000 for the long-wheelbase Supersport version with a 5.0-litre supercharged V8 petrol engine. Jaguar is hoping to build on the success it has already had with the XF saloon and new XK coupe and cabriolet models, both of which have helped reposition the brand away from an older customer base to a newer, younger generation.

Ian Callum, design director at Jaguar, said: “The new XJ is a thoroughly modern interpretation of the quintessential Jaguar. Its visual impact stems from the elongated teardrop shape of the car’s side windows, that powerful stance and its wide track. It is the most emphatic statement yet of Jaguar’s new design direction.”

The new XJ has a panoramic glass roof as standard, which also gives the car a lower, streamlined roofline, and a 520-litre boot that can accommodate two large suitcases. Three trim levels are available: Luxury, Premium Luxury and Portfolio, beyond which lie two top-of-the-range models: the Supercharged and Supersport versions.

Technology includes air suspension, continuously variable damping and quick-ratio power steering. Inside, the driver’s information touch screen can project DVD movies or TV programmes to the passenmegr while the driver views vehicle functions or follows the satellite navigation.

Engines on offer include the 3.0-litre V6 diesel, naturally aspirated and supercharged versions of the 5.0-litre V8 petrol as well as a 470bhp version of the supercharged engine. Jaguar claims the diesel-powered XJ returns 40.1mpg and emits 184g/km of carbon dioxide.

Under the skin is a lightweight aluminium structure with 50 per cent recycled material which, Jaguar says, makes the car at least 150kg lighter than any of its competitors.

You might also be interested reading:

• Livid Democrats demand AIG return bailout bonuses
• Asian markets tumble after Wall Street plunge
• White house political advisor Karl Rove fired in scandal