Tata Motors Group released financial results today revealing a sales growth of 13.8% for Jaguar Land Rover.
Tata Motors Group purchased the Midlands-based manufacturer for £1.5bn from Ford in June 2008. Jaguar Land Rover’s (JLR) sales for the first half of the fiscal year for 2011-12 stood at 130,090 units. This represents a sales growth of 13.8% compared to the corresponding period last year.
The figures follow successive reports of increasing sales across the automotive industry. A spokesperson for JLR said that the size of the rise can be attributed to growing demand from the BRIC economies – Brazil, Russia, India and China.
Quarterly figures were also impressive, with revenues for Q2 (July – September) totaling £2.9bn, a marked increase upon the £2.2bn reported this time last year. This represents a growth of 30.3%.
The spokesperson for JLR added that he saw continued opportunity for growth in the BRIC economies, particularly China, commenting: “Figures at JLR show that retail sales in China are up 87% year-on-year. There is positive retail growth for the quarter, driven by Jaguar retail sales that are up 158% in China. This increase is largely down to the introduction of the Jaguar XJ model.”
Asked what the challenges were for JLR over the upcoming year, the company pointed to the continuing instability in the Eurozone and the geopolitical environment.
The news comes after announcements by JLR in April and November of major recruitment campaigns by the company in the UK, creating over 2,000 new jobs.
The company has introduced the new 2.2 litre diesel engine in the 2012 model year Jaguar XF which has received positive response in the markets it has been launched in. The much awaited Range Rover Evoque, clocked approximately 7,700 wholesale units till September 2011.