Profits top £1bn at Jaguar Land Rover
Jaguar Land Rover (JLR), which is recruiting 1,500 new staff in Merseyside to support the launch of the new Range Rover Evoque, has reported pre-tax profits of more than £1bn.
In its results for the year ending 31 March 2011, JLR's Indian parent company Tata Motors said profits increased to £1.1bn, up from £14.6m the previous year. Revenues increased 51 per cent to £9.9bn.
The results mark a massive turnaround in fortunes for the luxury carmaker following heavy losses two years ago.
Car sales were up 26 per cent to 243,621 cars as its new Jaguar XJ and Land Rover ranges proved popular and demand strengthened, particularly in emerging markets such as China.
Carl-Peter Forster, chief executive Tata Motors, said: "Jaguar Land Rover is now a strong, profitable and innovative competitor in the premium car industry."
The company expects to roll out the Evoque later this year and said it would invest £1bn a year on new production for the next five years. Tata acquired JLR from Ford Motor Co for $2.3bn in 2008.
‹
Back
The Capital, 39 Old Hall Street, Liverpool
L3 9PP
Telephone: +44(0)151 600 2900
Email:
info@liverpoolvision.co.uk