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Jaguar Land Rover Automotive Plc, the UK’s largest vehicle manufacturer, said it would invest more than £4 billion in exciting new products, innovative technologies, and increasing manufacturing capacity in the 2017/18 financial year. The company made the disclosure while reporting its results for the 2017/18 First Quarter ended June 30, 2017, showing an encouraging customer response to the company’s innovative product portfolio.
According to the results released by the company, retail sales for the quarter reached 137,463 vehicles, up 3.5% on the previous year led by the 2017 World Car of the Year, and Women’s Car of the Year award-winning Jaguar F-PACE (up 86% year on year)., following a sequence of successful market launches. Continuing strong demand was seen for well-established models such as the flagship Range Rover (up 14%) and freshly launched models such as the long wheelbase Jaguar XFL in China (boosting overall XF sales by 22%).
Sales were up year-on-year in China (30%) and North America (16%), while remaining stable in Europe and down in the UK (14%) including the timing impact of Vehicle Excise Duty introduced in April 2017.
Revenue for the quarter was £5.6 billion, up £244m. Profit before tax was £595 million, up from £399 million in Q1 2016, including a £437 million one-off credit relating to recent changes designed to improve the sustainability of the company’s defined benefit pension plans. This was offset by the expected seasonality of sales in Q1 following a strong Q4 of 2016/17, plus the continuation of launch and growth costs.
Commenting on the results, Dr. Ralf Speth, Jaguar Land Rover Chief Executive Officer, said: “In challenging market conditions we are continuing to plan for profitable, sustainable growth. Our teams have been hard at work creating world-class cars in an unprecedented level of launch activity for Jaguar Land Rover. Cars such as the award-winning Jaguar F-Pace, the stunning Range Rover Velar with its new Blade technology and the versatile Land Rover Discovery have stimulated a fantastic customer response to new products.
“In addition, the forthcoming Jaguar E-Pace, Jaguar XF Sportbrake and electric Jaguar I-Pace will ensure that we will strengthen our portfolio and attract yet more new customers.”
Jaguar Land Rover, one of the UK’s largest exporters with almost 80 percent of its revenue from exports, has been investing in excess of £4 billion annually to extend its model range and manufacturing footprint.
This included the investment in a new plant in Slovakia and recently launched models, including the new Discovery, Range Rover Velar and the Jaguar XF Sportbrake as well as forthcoming models, including Jaguar’s new compact performance SUV the E-PACE.
Over the past seven years, Jaguar Land Rover has more than doubled sales, employment and revenue and invested more than £16 billion in new product creation and capital expenditure.
