The Jaguar F-Pace helped JLR achieve record sales in 2016
This represents an increase in sales of 16% and a growth in profits by 3%, and was helped by a strong final quarter where pre-tax profit was up by 17% on the same period from the year before.
The Jaguar F-Pace and Land Rover Discovery Sport acted as catalysts for this success, helping the brand grow its sales in the world’s largest markets, China and North America, by 32% and 24% respectively. Sales were also up in the UK by 16% and Europe by 13%.
It is now ramping up investment in new plants in the UK and also Slovakia, with plans to increase spending from £3.4bn to £4bn in the current financial year.
JLR chief executive officer Ralf Speth said: "These solid results demonstrate the appeal of our products and our ability to deliver strong, profitable and sustainable growth. We are continuing to invest significantly in new models and innovation, as shown by the new Land Rover Discovery, the forthcoming Range Rover Velar and all-electric Jaguar I-Pace, reinforcing our commitment to new technologies and providing new and compelling customer experiences.”
JLR’s first electric model, the Jaguar I-Pace, is expected to launch next year and will spearhead the car maker’s push to electrification. JLR intends 50% of its range to be all-electric or hybrid by 2020.