Jaguar Land Rover (JLR) has posted 24% increase in pre-tax profits of £1.51billion owing to the rising demand for its cars in China and emerging markets.
The car maker, which has plants in the Midlands and Merseyside, sold 314,433 vehicles in the year to March 31, marking highest sales in the history of Jaguar and Land Rover. Revenues rose 37% to £13.5 billion and pre-tax profits grew from £1.1 billion last year, which was also a record, to £1.51billion.
The increase on last year’s results was fuelled by a 76% rise in Chinese sales to 50,994 and the worldwide popularity of the new Range Rover Evoque. JLR also reported sales growth across Europe despite the eurozone debt crisis and the overall new car market shrinking.
The UK, which remains JLR’s biggest market, saw sales rise 3.2% to 60,022, while North American sales increased 15.4% to 58,003, Russia increased 38.1% to 16,142 and German sales rose 22.3% to 13,675. France posted a 57.4% growth in JLR sales, while Spain was up 18.1%.
JLR is planning to expand all three of its UK plants at Halewood, Castle Bromwich and Solihull and is building a new engine factory in Wolverhampton. The car maker also plans to produce cars in China for the domestic market.
The UK by car makers have been promised more than £4 billion of investment in the last 12 months and the country is exporting more cars than it imports for the first time since 1976. Much of the investment and growth has come from JLR, which employs 21,000 staff in the UK.