Automotive - - Jan 09,2017
Britain’s biggest car-maker Jaguar Land Rover cars (JLR) sold a record 583,312 cars in 2016, registering a 20 percent rise than the previous year.
The company has witnessed seven straight years of rapid expansion since it was taken over by Indian conglomerate Tata in 2008. JLR has now set an aim of building 1 million vehicles a year at the end of the decade.
The Indian-owned firm is investing heavily in new models and has expanded production by installing plants in Brazil and China, while a new site is under construction in Slovakia. The company was in a state of despondency until 2008, as production was reducing due to a falling demand.
The rise in sales was heavily driven by Jaguar’s luxury models that rose by 77 percent to 148,730 units in 2016 due to an increased demand for a range of new high-end products such as the F-PACE, the brand's first off-roader which was launched in 2016.
The carmakers’ biggest market was Europe, accounting for almost a quarter of the total sales. The Chinese market was the company’s second hotspot, where sales rose up by 31 percent in December itself.
Land Rover and its subsidiary Range Rover had already been registering high sales and in 2016; the brand sold 434,583 cars, showing a rise of 8 percent.
JLR said that its line-up would continue to grow but it is also worried about the negative effects that the company could suffer if any tariffs are imposed on them as part of the Brexit deal. Its annual profits could be reduced by 1 billion pounds ($1.23 billion) by 2020 if the UK returned to World Trade Organization (WTO) rules for trade with Europe.
Meanwhile, luxury car maker Rolls-Royce also announced its second highest ever annual sales result in its 113-year long history, by selling 4,011 cars in more than 50 countries.