Jaguar Land Rover enjoy record sales

Tata Motor (NYSE:TTM) owned Jaguar Land Rover posted record sales for the year on Wednesday, boosted by strong performance in both China and the U.S.

The luxury British car-manufacturer sold 604,009 vehicles in the 12 months to March-end, marking a 16 percent rise from a year previously.

This was largely attributed to strong demand across China and U.S markets, with sales jumping 32 percent and 24 percent respectively. Similarly, growth was also witnessed in the U.K of 16 percent and 13 percent across Europe.

The group enjoyed the majority of growth as a result of a revival in popularity of its Jaguar cars.  Sales of the brand rose 83 percent from the year previously to around 173,000 cars. This was largely due to strong consumer demand for its F-Pace model, which retails for £34,730.

Record sales and a robust performance in the fourth quarter propelled its 9 percent jump in group full-year revenue to £24 billion, and resulting in pre-tax profits of £1.6 billion – an increase of 3 percent.

Ralf Speth, chief executive of the company commented: “These solid results demonstrate the appeal of our products and our ability to deliver strong, profitable and sustainable growth,”.

The company also noted that in spite of challenging economic circumstances, the company continues to plan to invest in technology and innovation. In 2016/17 alone, Jaguar Land Rover invested in excess of £3.4 billion on expanding in Europe and the U.K.

Speth commented: “We are continuing to invest significantly in new models and innovation, as shown by the new Land Rover Discovery, the forthcoming Range Rover Velar and all-electric Jaguar I-Pace, reinforcing our commitment to new technologies and providing new and compelling customer experiences.”

Chief financial officer Kenneth Gregor further echoed this statement, stating: “We remain committed to our ambitious growth plans despite seasonal variations in demand and global economic challenges.

In a boost for British manufacturing, the company announced back in March that its new Range Rover Velar will be exclusively constructed at its Solihull plant in the West Midlands.