JLR revving up as profits hit £1.1bn
Monday 23rd May 2011, 11:00AM BST.
Jaguar Land Rover is set to wheel out record annual profits of more than £1 billion this week, completing the West Midlands luxury car maker’s remarkable turnaround since its takeover by India’s Tata Motors.
JLR is set to reveal profits of around £1.1 billion for the year to March 31, against a profit of £32 million last year — and a loss of £281 million in the first 10 months under its new management.
The record profit will be announced just two years after the car maker appealed for Government support and warned of a “national emergency” as industry sales plummeted.
The profits turnaround has been driven by the company’s storming performance overseas, particularly in the rapidly growing markets of China and India, and massive investment in new and updated models including the Range Rover Evoque.
JLR has outlined plans to pump £1 billion a year for the next seven years into new products and technology — but is tight-lipped on whether it plans to build an engine factory on the edge of Wolverhampton.
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