Parent Tata Motors Ltd. is pleased to report that Jaguar Land Rover was able to reap record annual profits of 1.04 billion pounds (1.2 billion euros). JLR’s sales were propelled by the strong growth in the Chinese market.
For the financial year that ended on March 31, JLR posted revenues of 9.9 billion pounds. Meanwhile, sales of the latest financial year increased to 243,621 units, from the previous financial year’s sales of 193,982 units.
JLR’s sales surged over the demand in China as well as in India, where deliveries have accelerated. In early 2011, JLR predicted that it will sell 40,000 units in China for the 2011-2012 financial year, from only 26,000 units in the 2010-2011 year.
JLR asserted that most of the sales will be accounted for by Land Rovers. Media reports say that JLR is planning to construct a new 750 million pound engine plant in the UK, leading to the creation of 1,000 jobs.
JLR said that over the next five years, it plans to invest 1.5 billion pounds on a product offensive wherein it will launch 40 new vehicles, engines and transmissions.
JLR also intends to invest more in aluminum construction, refine its powertrains and greatly expand into hybrid models. Recently, Tata’s investments have led to the development of new models like the Range Rover Evoque and the Jaguar XJ.