Jaguar Land Rover Automotive PLC, the largest car manufacturer in the UK, has reported a 13% increase in revenues to GBP 6.5 billion with strong customer demand in the three months to December 31, 2016.
Total retail sales of 1,49,288 vehicles, up 8.5% year-on-year, were a record for the third quarter with higher volumes in China, (up by 38.4% including sales from the China joint venture), North America (up 19.8%) and Europe (up 7%) led by strong sales of Discovery Sport, Jaguar F-Pace and the Jaguar XF (including the new long wheelbase Jaguar XFL in China). Free cash flow was positive GBP 54 million in the quarter after GBP 926 million of total investment spending. Third quarter profit before tax was ——255 million, primarily reflecting the run-out of the Discovery ahead of the new model, unfavourable foreign exchange revaluation, higher marketing expense and depreciation and amortization, partially offset by further recoveries related to the 2015 Tianjin Port explosion.
Dr. Ralf Speth, Jaguar Land Rover Chief Executive Officer, said: Continuing expansion and innovation in our compelling product range have driven up global revenues and retail unit sales, led by the Jaguar F-Pace, Jaguar XF, and Land Rover Discovery Sport. Models such as the all-new Discovery mark the latest step in our investment programme, which will underpin long-term profitable, sustainable growth.