Jaguar Land Rover On Track Toward $1.6-Billion Profit
Five consecutive quarters of being “in the black” has paid off for Jaguar Land Rover. The luxury automaker is set to make over a billion pounds in profit ($1.6 billion) after strong sales around the world, especially in Asia.
In the last three months of 2010, the company netted a record profit of $440 million. Just a year ago, in the same quarter, Jaguar Land Rover made “only” $88 million. In America the company announced a 48% and 16% increase in growth for Jaguar and Land Rover, respectively. It’s also been a long time since 2009, when JLR was nearly forced to seek a bailout from the U.K. government. This impressive increase reflects the turnaround that the company has made since it was sold off by Ford to Tata Motors; think Alan Mulally is kicking himself over in Dearborn?
To reflect this growth and keep its momentum, JLR will increase production from 232,000 vehicles a year to over 300,000, as well as hire new engineers around the world.
[Source: The Telegraph]
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