Jaguar Land Rover CEO isn't ready to jump into the electric-car market

Tesla has captivated the world, but consumer demand for electric vehicles is actually still quite low.

The problem is batteries. The technology has a long way to go in order to be long-range as well as affordable.

Tesla has delivered the range. But it hasn't yet come through on the affordability front.

Tesla has been joined by other automakers in producing fully electric vehicles. But Jaguar Land Rover is remaining more cautious. The car maker is waiting for EV technology to improve, which it hopes will increase demand for electric cars.

Automotive News Europe reported that Jaguar Land Rover CEO Ralf Speth voiced these concerns in a keynote speech on June 19 in the UK.

"Customers are not impressed with it currently," he told the Automotive News Europe Congress in Birmingham, speaking of EV technology.

"Battery technology today is still too heavy, too expensive and the [power] density is too low," he said, following his keynote speech at the event. "As we learned at school, there's this correlation between mass and energy and as long as this is not favorable, even if you recuperate, this is an issue."

According to the publication, Land Rover is currently developing technology for fully electric vehicles, and has already produced an electric concept known as the Project Evoque E.

Tesla, which is building a massive factory in Nevada to produce batteries for its vehicles as well as homes, is preparing to start deliveries of its Model X fully electric SUV in the third quarter of 2015.