Jaguar Land Rover achieved record sales and profits in the last quarter of 2013, according to figures released by the company.
Profits for the period soared to £955 million, leaping by £422 million over the last three months of 2012. Before taxes, JLR had a profit margin of 17.9 per cent, which is likely to be the highest in the car industry. It outstrips even Ferrari’s recently announced 16 per cent margin.
Jaguar and Land Rover sold a combined 113,000 vehicles, 27 per cent more than the same period in 2012. Company revenues rose to £5.3 billion, a hike of about 25 per cent. With a quarterly profit of £619 million after tax, JLR now seems to be covering its massive R&D budget from day-to-day profits.
Land Rover’s retail volumes rose by 16,000 to 93,000. Jaguar’s sales climbed 7000 units, a 59 per cent lift. Land Rover had a notable increase in demand for the Evoque. This model and big jumps in demand for the new Range Rover and Range Rover Sport are the main impetus behind the rise in profits. Only the Discovery had falling sales, down by just under ten per cent.
At Jaguar, the retail volumes for the aging XF rose from 8000 to 12,000 units and the XJ was up from 3000 to 5000 units. F-type sales, ahead of the launch of the coupé, are running at a useful annualised 8000 units or so.
China is now JLR’s biggest market, with sales between October and December 2013 running at 29,000 units.