On Wednesday the Indian owned UK based car manufacturer Jaguar Land Rover revealed that its sales hit record profits of £1.7 billion for last year with a sales growth of 20% which drove up revenues by another recording breaking £15.8 billion.
Written By Chris white
Speaking to reporters the chief executive of the motor company Ralf Speth said: “The positive result for the financial year demonstrates that we have strong demand for our great, solid product portfolio all around the World. During this period, Jaguar Land Rover unveiled major new products: the all-new all aluminium Range Rover and the Jaguar Sportbrake, the AWD XF and AWD XJ and the stunning F-Type.”
Most of the profits come from the 77,000 vehicles it sold in China over a 12 month period, with another 72,000 being sold in Britain and 80,000 being sold in Europe, pushing up European sales by 18%. The epic results have boosted Jaguar Land Rover’s parent company Tata Motors just as Tata Motors was experiencing financial difficulties.
Experts believe that the success of the company can be attributed to the lower cost of raw materials in 2012 and also to the depreciation of the pound against some key currencies.
Jaguar Land Rover is now building a manufacturing plant in China with Chery Automobile to avoid a 25% import tax and has already initiated plans for a second plant in Saudi Arabia.
The Warwickshire based business which was bought by Tata Motors in 2008 now accounts for more than 75% of Tata Motors overall revenues, as the parent company has been hit hard by high Indian interest rates and a general slowdown in the Indian economy.