JLR has posted a record retail sales of 604,009 vehicles, up 16% on the previous year led by the 2017 World Car and World Car Design of the Year award winning Jaguar F-PACE and continuing strong demand for the Land Rover Discovery Sport and other models in the Jaguar Land Rover portfolio. Retail sales were up year-on-year in China (+32%), North America (+24%), the UK (+16%) and Europe (+13%).

According to the Group, revenue for the full year was £24.3 billion (US$31.46 million), reflecting the higher sales volumes. Profit before tax was £1.6 billion (US$2.07 billion), up £53 million (US$68.32 million) compared with the previous year. Jaguar Land Rover finished the year with strong results in the fourth quarter with higher revenue of £7.3 billion (US$9.45 billion), profit before tax of £676 million (US$875 million) and EBIT of £654 million (US$846.39 million); 9% margin.   

During the 2016-17 financial year, the Group said it invested over £3.4 billion (US$4.4 billion), which includes expenditure on the construction of the new £1 billion (US$1.29 billion) manufacturing plant in Nitra, Slovakia, and the ongoing expansion of its UK facilities.  

However, the European Commission said it has launched a probe on May 24 regarding incentives JLR would have received to attract investment to Nitra over other sites in Mexico, Poland and the Czech Republic. The money from the Slovakian Government had been promised to support the manufacturing plant’s construction, due to be completed in 2019. The EU state aid rules allow countries to support economic development and employment programmes in less developed regions, but they must meet certain criteria to be approved. The Commission said it will “carefully investigate if Slovakia’s planned support is really necessary for Jaguar Land Rover to locate its investment in Nitra and is kept to the minimum needed if it distorts competition or harms cohesion in the EU.”

Source: Autocar