Jaguar Land Rover sees profits soar on record sales
London, United Kingdom (4E) – Jaguar Land Rover reported a 34 percent increase in profits after sales hit a record high.
Retail sales were up by 27 percent to 305,859 units.
Tata Motors, the parent company of Indian-owned Jaguar Land Rover, attributed most of the increase in sales to demand from China and other emerging markets. However, it also had strong sales growth across Europe despite a general shrinkage in new car sales experienced by other brands and the ongoing eurozone debt crisis.
For the 2011 to 2012 fiscal year, the group made record annual pre-tax profits of $2.35 billion, up from $1.76 billion the year before.
The automaker has plants in the United Kingdom and it is also planning on manufacturing autos in China for the domestic market.