Jaguar Land Rover has posted their best-ever annual profits of nearly 1.1 billion pounds.
The car manufacturer owned by Tata Motors announced a 1.045 billion pound profit last week, signifying a monumental turnaround for a company struggling to stay afloat as recently as 2008 (anyone remember JLR’s request for a federal loan?). Thanks to skyrocketing sales in the luxury vehicle market, Jaguar Land Rover looks poised to continue this stretch of success for years to come.
While several factors contributed to Jaguar Land Rover’s boost in sales and overall profitability, expanded global market penetration is viewed as the catalyst for the recent growth. Last year Jaguar Land Rover sold 29,600 vehicles in China, a 43% increase from the previous fiscal year. With new Jaguar Land Rover plants recently established in China and India, auto sales in these emerging luxury car markets should continue to grow
“This is a solid performance but we must remain focused on delivering a strong, sustainable business model for the future,” said Ralf Speth, Chief Executive of Jaguar Land Rover. “To that end we have committed more that 1 billion pound 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.”
Some of these new and exciting products are already on display in the form of new vehicle models, namely, the Jaguar XJ and Range Rover Evoque. Innovative marketing strategies are currently being used to promote these products and insure positive sales numbers. At the very least, the new vehicle campaigns have created fervor around Jaguar Land Rover’s brand which will hopefully be sustained in the years to come.
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