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.
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