JLR Enjoys Strong Return on Investment in 2016

Spending more than £12 billion ($14.6 billion) in new-product creation and investment pays off for Jaguar Land Rover in 2016 as the U.K. manufacturer sells its luxury cars at a rate of more than one a minute.

JLR’s seventh straight year of growth saw sales rise 20% to 583,313 units, almost triple the 2009 figure.

Europe was the automaker’s largest sales region in 2016, with sales up 26% to 138,695 units. Sales were up 31% in China and 25% in North America.

U.K. deliveries rose 17% to a record 117,571 units.

Andy Goss, director-JLR Group Sales Operations, credits the positive customer response to the updated models introduced across the range.

“These results mark significant steps in Jaguar Land Rover’s strategy to become a truly global business and meet the growing international demand for its two iconic brands,” Goss says in a statement.

Jaguar sales soared 77% to a record 148,730 units, primarily driven by the F-PACE, XE and XF. Those new models have made Jaguar the fastest-growing premium brand in the U.S., the automaker says.

Land Rover deliveries rose 8% to a record 434,583 units, led by the Discovery Sport, up 76% at 122,460. Range Rover Evoque and Range Rover Sport combined for sales of 200,245 units.

In addition to the £12 billion spent on product development and capital expenditure in the past five years, JLR is spending more than £3 billion ($3.6 billion) on its products and facilities in fiscal 2016-17.