Jaguar and Range Rover profits soar
The maker of Jaguar, Range Rover and Land Rover luxury cars said quarterly profits have raced 55% higher on soaring global demand.
Jaguar Land Rover, owned by India's Tata Motors, said retail sales surged 21% year-on-year to 102,644 vehicles during the three months to the end of September, helping pre-tax profits hit £668 million.
Demand was boosted by the launch of the new Jaguar F-Type sports car and the new Range Rover Sport, helping drive revenues 40% higher to £4.6 billion.
Jaguar Land Rover chief executive Ralf Speth said the luxury marques have reached global consumers in more markets than ever before thanks to its "most engaging product line-up".
The group is one of the UK's biggest exporters of manufactured goods, with about 85% of its sales from exports, and saw strong demand from China, Russia, Brazil and the Middle East.
It builds cars at plants at Solihull and Castle Bromwich in the Midlands and Halewood on Merseyside, employing 25,000 UK staff.
Jaguar Land Rover recently announced plans to create another 1,700 jobs at Solihull, to bring the total number of UK manufacturing roles announced by the firm over the last three years to almost 11,000.
Tata bought Jaguar Land Rover from Ford in 2008 .
Its storming performance helped Tata Motors to a 71% hike in quarterly profits to 35 billion rupees (£350 million), offsetting its struggling Indian business, which saw slumping sales of Tata's own branded cars.
Looser credit, rising consumer confidence, low interest rates and increasing global demand have helped Britain's car industry recover strongly since the depths of the downturn.
F igures showed car sales accelerated ahead last month, with registrations this year expected to reach a six-year high.
A total of 157,314 new cars were registered in October - a 4% rise on October last year, the Society of Motor Manufacturers and Traders (SMMT) said.
But it warned that after 20 consecutive months of growth, this is expected to moderate as the market stabilises.