Jaguar Land Rover hails sales hike
Monday 14 November 2011
The turnaround at carmaker Jaguar Land Rover continued today as booming demand in China helped drive a 30% sales hike.
The Midlands-based manufacturer, owned by Indian company Tata Motors, said revenues hit £2.9 billion in the three months to September 30.
It benefited from strong demand for the recently launched Range Rover Evoque and a version of the Jaguar XF with a 2.2 litre diesel engine. Pre-tax profits rose 9% to £287 million.
Retail sales in China soared 87%, with Range Rovers and a Jaguar XJ model with a three litre engine proving popular among the country's burgeoning middle class. Sales in Russia were up 6%.
In the UK, retail sales were up 1%, as a rise in sales at Land Rover offset a fall at Jaguar.
JLR has enjoyed a dramatic turnaround in fortunes in recent years boosted by strong demand in emerging markets.
It last week announced it would create 1,000 jobs at its factory in Solihull near Birmingham to support plans to launch 40 products over the next four years.
And earlier this year, the car maker - which employs some 21,000 workers in the Midlands and Merseyside - said it will build a £355 million engine plant in Wolverhampton that will potentially create thousands of jobs.
The company reported pre-tax profits of £1.1 billion in the year to March 31, up from £14.6 million the previous year. Revenues increased 51% to £9.9 billion.
The results represented a turnaround on two years earlier when the company slumped to a loss as the car market collapsed amid the global economic meltdown.
Tata Motors, controlled by billionaire Ratan Tata, bought the company from Ford for £1.5 billion in June 2008.
- 1 Home Office says Nigerian asylum-seeker can’t be a lesbian as she’s got children
- 2 What happens to your body when you give up sugar?
- 3 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 4 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 5 Apple and Google users being spied on for a decade because of 'Freak' security flaw
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
Japanese island overrun with cats after population explodes
London property boom built on dirty money
Becky Watts: Stepbrother and his girlfriend named locally as two arrested on suspicion of murder
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...
£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...