Demand for F-Pace SUV drives record sales and revenues at Jaguar Land Rover
Jaguar Land Rover has driven sales and revenues to record heights thanks to a strong demand for the F-Pace sports utility vehicle (SUV).
The firm said annual revenues lifted 9% to £24.3 billion and sales jumped by 16% to a record 604,009, with the Jaguar F-Pace outstripping other models to become the best-selling vehicle for the group.
Pre-tax profits also accelerated by £53 million to £1.6 billion for the year, with retail sales in China climbing by close to a third, while sales in North America and the UK also rose by 24% and 16% respectively.
Chief executive 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."
The Coventry-based firm said demand for the Land Rover Discovery Sport and other models had been strong, but the F-Pace was behind the "resurgence of the Jaguar brand" after sales soared by 83% year-on-year.
More than £3.4 billion was invested into the firm over the past financial year, including £1 billion spent on a manufacturing site in Nitra, Slovakia.
However, the group plans to up the amount to £4 billion for the year ahead in order to bolster manufacturing capacity and launch more products.
For the fourth quarter, revenues were 10% higher at £7.3 billion and pre-tax profits stepped up by 17% to £676 million.
Kenneth Gregor, chief financial officer, said the group remained committed to its growth plans despite global economic challenges.
He said: "Jaguar Land Rover is pleased to end the fiscal year on a strong note, despite the geopolitical and volatile economic environment.
"We believe we have strong and exciting product actions and plans to continue to drive profitable volume growth".