1/6/2012 - Sales record for Jaguar Land Rover
When Indian company Tata bought Jaguar Land Rover, there were many from the automotive and financial industries that questioned the decision. Most wondered whether the company could be turned around in today's competitive market. Both brands suffered from traditional stereotypes - that Jaguars were driven by bald middle-management men and Land Rovers were the preserve of farmers and the odd explorer.
However over the last few years, the company has not only returned to the black but shifted driver perceptions whilst its models and financial results just keep getting better. This week the firm announced it had set a record profit of £1.5billion backed up with its highest-ever sales. The results cover the 2011 to 2012 financial year, and show a growth of 29.1 per cent over the previous year. JLR profit is £1,507million, up from its previous record set last year of £1,115million. Sales hit 314,433 with Land Rover accounting for 260,394 of these.
The new Range Rover Evoque made up 60,217 of Range Rover's 83,903 sales, whilst Jaguar's sales of 14,118 cars for the first quarter set a new record. New cars such as the XF Sportbrake, the new F-Type and a 4x4 will also broaden Jaguar's range. Land Rover will benefit from a new generation Range Rover - set to be revealed at September's Paris Motor Show - as well as launching a replacement for the trusty Defender by 2015.
Tata as a group also announced record profits for the first quarter of 2012, buoyed by further growth in China and global growth of 48.2 per cent. They admit they have not yet maximised the Chinese market as effectively as some of their rivals, but are making big strides to catch up. JLR is opening dealerships in China at a staggering rate of one a week, and sales in the country now make up nearly one-fifth of the company's sales. And there was me thinking that in the wake of the global economic crisis no-one would be buying prestige cars!
Apparently there is some sort of do for a long-serving member of staff in London this weekend, so I hope you all have a great long one.
Bad PR could lead to big problems for BP
Escort is back and it could be coming to Europe
Crash, bang, wally
Advertising Standards Authority rules on misleading mpg figures
EVs in the spotlight again
Young drivers set to get a little bit older
Hole heap of trouble for our roads
Manufacturers' misleading MPG figures
More bad news?