Jaguar Land Rover have reported their fourth consecutive year of record breaking profit growth.
This comes after the Coventry-based carmaker raked in their largest-ever profit of £2.5 billion made in the past 12 months, which equates to a staggering £6.85 million a day, £4,756 a minute or roughly £80 a second.
In addition to being a record breaking profit for JLR, the £2.5 billion figure is also the largest profit seen in the West Midlands so far.
This is up by £830 million compared with their earnings for the 2012/2013 period, which saw the company rake in £1.67 billion. Their revenue of £15.78 billion in the previous year has now soared to a huge £19.39 billion in the 2013/2014 period.
Increases in sales attributed to new models
According to JLR, the 37 per cent increase in sales volumes in the past year, which saw the company sell 434,311 new cars, was spurred on by the release of new product lines including the new Range Rover, Range Rover Sport and Jaguar F-Type as well as continued demand for Jaguar’s XJ and XF models.
The XF saloon was Jaguar’s biggest-selling model, with 49,000 models rolling out of showrooms, while the Evoque was Land Rover’s most popular, with 123,000 units sold.
£2.86bn to be invested back into new products
Commenting on the results, CEO of Jaguar Land Rover, Dr. Ralf Speth said: “2013/14 has proven to be a solid year for Jaguar Land Rover, based on the demand around the world for our engaging products including the Range Rover Sport and F-Type Coupe.
“Together, these activities have driven a solid financial performance for the Company which continues to deliver on its strategic growth plans. These plans will see us invest in 50 new product actions over the next five years supported by our nurturing parent Tata Motors”.
The company said it would continue its investment for the future by spending £2.68 billion in the coming year on new products, architectures, power trains and technologies as well as increased manufacturing capacity at an expanded plant in their Solihull site.
1,400 jobs created by Jaguar’s new £500m plant
Additionally, money will be put towards a new £500m engine plant at the i54 site on the outskirts of Wolverhampton which is nearing completion and will eventually employ around 1,400 people to start production of the new Jaguar Ingenium engines early next year which are due to go into the new Jaguar XE Saloon, due to be unveiled later this summer.
There is also demand still growing in the burgeoning Chinese market for JLR’s cars, which will be represented in a new joint venture plant with China, as well as strong demand in the United States, the UK home market and across the rest of Europe.