Jaguar Land Rover announce record profits thanks to sales in China

Due to an almost 50% increase in their Chinese sales Jaguar Land Rover has been able to report record profits for last year. Their profits for 2012 came in at £1.7bn according to figures revealed by the Midlands based car manufacturer this past week.

China is not the only place where Jaguar saw record growth as the manufacturer even managed to see a 20% sales increase in Britain which has been suffering from a weakened overall economy since the credit crunch. This growth was helped by the launch of new Jaguar and Range Rover models which together helped to increase sales revenues by an additional £15.8bn.

Chief executive Ralf Speth stated that the positive profits from last year show that there is a great demand for their portfolio from all regions of the world and they have taken advantage of this demand by releasing some great new car models including the F-Type, Jaguar Sportbrake, an aluminum Range Rover, the AWD XJ, and the AWD XF.

Also helping to aid in the strong profit is the fact that the pound has depreciated compared to other currencies and the raw materials now cost less for the company to purchase. The largest driver of the growth however was still China where Jaguar Land Rover reported selling over 76,00o vehicles in just 12 months. Another 72,000 sales were made in Britain and an additional 80,000 in all of Europe.

In an effort to cater to the growing Chinese market Jaguar Land Rover plans to start work on a new manufacturing plant located in the eastern corner of China as part of a collaboration with Chery Automobile the local car manufacturer. In addition, Jaguar is also considering building a plant in Saudi Arabia which is another emerging market for them.