Evoque success still driving JLR profits higher
JAGUAR Land Rover has seen second quarter pre-tax profits rise by 100% to £431m compared with the same period last year (£216m).
The manufacturer said the positive result reflected a 29% increase in retail sales volumes (84,749 vehicles in total) globally. The company has generated revenues of more than £3.2bn (an increase of £373m).
Commenting on the results, JLR Chief Executive Officer, Dr Ralf Speth said: “Jaguar Land Rover has delivered another quarter of positive results against a challenging economic backdrop. We continue to see strong sales across all of our key markets.
“Jaguar Land Rover will continue to invest in its products, plants and will drive further growth by spending in the region of £2bn across the financial year.”
The announcement would appear to confirm reports that Land Rover is planning a massive expansion that would see production levels virtually double to 600,000 vehicles a year, with a product range being expanded to 16 model variants.
The replacement for the iconic Defender and a convertible version of its best-selling Evoque model – the concept of which wowed visitors to the Geneva Motor Show earlier this year – are thought to be just two possibilities.
A luxury version of the Discovery, a new high-performance Sport and a high-spec Evoque which would bridge the gap between the smaller Evoque and the new Sport are also said to be planned.
A revised version of the Freelander and further variants to the new flagship Range Rover are also on the drawing board.
It is part of the company’s aim to dominate the global SUV market and eclipse rivals such as BMW, Mercedes Benz, Audi and Volvo as well as Japanese competitors.
A new production partnership with Chinese joint venture partner Chery, boosted by permission for a new factory near Shanghai, will help to spearhead growth, although whether any of the new vehicles will carry a joint badge has not been made clear.
Dr Speth added: “In the third quarter, we will see the first customer deliveries of the all-new Range Rover along with the introduction of the Jaguar XF Sportbrake and all-wheel drive versions of the Jaguar XJ and XF.”
JLR has created over 8,000 new jobs in the last two years to support its ambitious investment and growth plans. This includes doubling employee numbers at Halewood, Liverpool to 3,000.
