Jaguar Land Rover drives up rollout of more models as second-quarter profits race higher

 
Rebecca Smith
JLR said it had seen strong demand for its new Range Rover Velar
JLR said it had seen strong demand for its new Range Rover Velar (Source: Getty)

Jaguar Land Rover will continue to churn out more models after reporting surging pre-tax profits for the second quarter, despite "challenging market conditions".

In the next quarter, JLR's new Jaguar E-Pace, plug-in hybrid Range Rover and Range Rover Sport will all be rolled out.

Read more: Future of jobs at Ford UK plant thrown into doubt as JLR ends contract

The figures

Revenues rose 11.5 per cent to £6.3bn, while pre-tax profits at JLR increased 38 per cent to £385m, which the car firm said reflected the ramp up of new models such as the Range Rover Velar, Land Rover Discovery, and Jaguar XF Sportbrake.

The Velar is being manufactured exclusively in the UK, which JLR has said signals its "confidence in British manufacturing".

Lower sales in the UK and Europe were offset thanks to a considerable rise in China sales - up 27.4 per cent, and a five per cent increase in the US.

JLR helped owner Tata Motors race to a near three-fold rise in profit for the quarter to 30 September.

Why it's interesting

The car giant is focusing on rolling out fresh products, as well as manufacturing expansion, with investment spending topping £1bn in the second quarter. Today, JLR said the expanded product mix was paying off after retail sales grew 5.1 per cent for the quarter to 149,690.

JLR is plugging £4bn over the course of the year, building a new plant in Slovakia, and has plans to launch a smaller version of the Jaguar E-Pace SUV in markets such as China.

What the company said

Dr Ralf Speth, Jaguar Land Rover chief executive, said: “We have delivered solid growth in quarterly profit and revenues amid rising demand for our award-winning products.

"Although we are facing headwinds and uncertainty in some markets, Jaguar Land Rover is well positioned to deliver further global expansion.”

He added: "Our expanding product portfolio continues to excite and surprise; coming this next quarter customers have the all-new Jaguar E-Pace and new plug-in hybrid Range Rover and Range Rover Sport to look forward to as well as a key new model from our China joint venture."

Read more: The Range Rover Sport has been given a hybrid revamp

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