Jaguar Land Rover reports record sales as luxury car demand booms
LONDON: Jaguar Land Rover (JLR) has achieved its highest ever yearly sales and its biggest profit in nearly a decade, as the British luxury carmaker shrugs off any signs that budget-squeezed consumers have been reining in spending, reported PA Media/dpa.
The company said it made 29 billion pounds (US$36 billion) in revenues over the year to the end of March, more than a quarter higher than the previous year.
This was driven by record sales of its Range Rover vehicles, where its more expensive models start at around 100,000 pounds.
Around 133,000 vehicles had been ordered at the end of the financial year, three quarters of which were for Range Rover, Range Rover Sport and Defender models.
The group’s pre-tax profit hit 2.2 billion pounds, the highest amount since 2015, it said.
Earnings were boosted by higher sales volumes as well as a reduction in material costs for the business, amid a wider easing of inflation across Britain.
Its new electric Range Rover model has generated strong interest, with about 28,700 signing up to the waiting list since it opened in December.
Adrian Mardell, the group’s chief executive, said: “We are entering the next exciting phase of our Reimagine strategy which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024.”