Jaguar Land Rover doubles its profits

Jaguar Land Rover has reported sales up by 29 per cent in the second quarter of their financial year and profits up by 100 per cent.

It’s a rough car market out there – especially in Europe – but Jaguar Land Rover continues to grow its sales with revenues up by over 13 per cent, sales up by 29 per cent and pre-tax profit up by 100 per cent to £431 million.

These are strong figures from JLR and reflect the strong sales of the Evoque around the globe (100,000 and counting) and remarkably strong sales for the old Range Rover, despite the 2013 Range Range Rover about to hit showrooms.

Things have not been quite as rosy for Jaguar, mainly because the world is just not buying enough luxury cars. But that should change, to a degree, with the launch of 4WD XJs in other parts of the world (should be good for US XJ sales), the arrival of the XF Sportbrake and the launch of the new Jaguar F-Type in 2013.

All those new models will help Jaguar sales stay buoyant – as will spin-offs from current models like an XF Coupe and XJ Coupe – but Jaguar sales won’t really fly to the levels of Land Rover until Jaguar gets its very own Evoque – the new small Jaguar.

But Land Rover will also continue to grow as the new models roll out in the next few years. We already have the 2013 Range Rover and next year we’ll see the 2014 Range Rover Sport followed by the 2015 Land Rover Discovery and, somewhere in the mix, a new Freelander and probably an Evoque XL.

JLR boss, Ralph Speth, said:

Jaguar Land Rover has delivered another quarter of positive results against a challenging economic backdrop. We continue to see strong sales across all of our key markets.

Jaguar Land Rover will continue to invest in its products, plants and will drive further growth by spending in the region of £2bn across the financial year.

In the third quarter, we will see the first customer deliveries of the all-new Range Rover along with the introduction of the Jaguar XF Sportbrake and all-wheel drive versions of the Jaguar XJ and XF.

The future – as well as the present – still looks rosy for Jaguar Land Rover.