U.K. Investments Paying Off, Jaguar Land Rover Says
The new round of spending is announced as the auto maker reports revenue up 17% and sales rising 22% for the fiscal year ended March 31.
With sales and profits rising, Jaguar Land Rover says it will continue to invest in the U.K.
CEO Ralf Speth says the auto maker invested significantly in the product-creation process and in its advanced-manufacturing sites in the past financial year, creating more than 3,000 jobs.
“This commitment is set to continue with a sustained program of investment which will see us spend £2.8 billion ($4.2 billion) on new product, people and infrastructure in the (financial) year to March 2014,” Speth says in a statement.
The spending plan is announced as JLR reports revenue up 17% to £15.8 billion ($23.9 billion) for the fiscal year ended March 31. Pretax profit rose 11% to £1.68 billion ($2.5 billion). Sales improved 22% to 374,636 units.
The auto maker, owned by Indian conglomerate Tata, says sales in China jumped 48%, with Asia/Pacific up 27%, the U.K. up 20%, Europe up 18% and North America up 9%.
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