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Tuesday, May 29, 2012

Jaguar Land Rover on business boom

Jaguar Land Rover,, has reported record annual sales and a 35% increase in pre-tax profits to £1.5bn on the back of booming business in China.
JLR's Indian owner, the Tata conglomerate, was in talks with ministers over a taxpayer rescue in 2009 and was considering the closure of a plant with the loss of thousands of jobs. However, those plans were abandoned as demand from emerging economies led by China and Russia saw the business come roaring back to health.
JLR revealed on Tuesday that it sold 314,433 cars in the year to 31 March – an increase of 29% on last year – with the Range Rover Sport its biggest seller, followed by the recently launched Range Rover Evoque. The best-selling Jaguar model was the Jaguar XF.
The results crown another successful month for a UK car manufacturing industry that is overwhelmingly foreign-owned and undergoing an investment boom. On top of production announcements by Nissan, Toyota, BMW and JLR, General Motors announced a fortnight ago it would preserve the Vauxhall plant in Ellesmere Port, saving 2,100 jobs and adding 700 more. Boosted by demand from emerging economies for luxury brands, the British car industry produced 1.34m vehicles last year – an increase of nearly 6% on 2010.
China remains a source of exponential growth for JLR, recording a 76% leap in sales to more than 50,000 vehicles, JLR's third largest market. Russia was its fourth biggest, growing by 38% to more than 16,000 vehicles. The UK is still JLR's biggest market, but was the slowest grower among the top five countries, increasing sales by 3% to 60,000 vehicles, followed by a resurgent US which recorded a 15% increase to 58,000.

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