Jaguar Land Rover Posts Record Annual Profits
The increase has been spurred on by a huge rise in Jaguar and Land Rover sales in China and other emerging markets, where the middle classes still see the British cars as a status symbol. As a result, JLR sold 51 percent more cars, which translates into a value increase from £6.6 billion to £9.9 billion, also aided by new models such as the Jaguar XJ and favorable foreign exchange rates.
“Jaguar Land Rover is now a strong, profitable and innovative competitor in the premium car industry,” said Carl-Peter Forster, chief executive of JLR’s parent company Tata Motors.
"Today's announcement of Jaguar Land Rover's financial highlights is a very positive indicator for our business and reflects consumer confidence in our brands and the continued efforts of the entire Jaguar Land Rover workforce,” Ralf Speth, chief executive of JLR, said today.
“This is a solid performance but we must remain focused on delivering a strong, sustainable business model for the future. To that end, we have committed more than £1bn a year over the next five years to the creation of new and exciting products which will strengthen Jaguar Land Rover's position in the global marketplace," Speth added.
The resulting increase in sales and expected high demand for the Range Rover Evoque have led to JLR, which employs 17,000 staff in the UK, scrapping plans to close one of its three UK plants and drawing up proposals for a new engine facility.