Evoque boosts profits at Jaguar Land Rover

Evoque

MASSIVE demand for the Halewood-built Range Rover Evoque has helped Jaguar Land Rover (JLR) profits soar by 86%.

JLR said sales for the last three months of 2011 stood at 86,322 units – up 36.7% on the same period in 2010.

That helped sales for the quarter rise to £3.7bn – up 41% on the previous year.

And pre-tax profit stood at £559m – up from £300m the previous year.

The group said: “Strong profit performance was supported by growth in volumes and favorable products and market mix.”

And it added: “The recently launched new products continue to receive positive response. The newly launched Range Rover Evoque, clocked approximately 32,000 wholesale units til December 2011.”

China and Russia accounted for more than a fifth of JLR’s sales over the three months.

Sales for the first nine months of JLR’s financial year stood at 216,412 units, up 21.9% on the previous year.

JLR said it had extended its funding credit facility, which it holds with a consortium of banks, from £610m to £710m.

It said: “This will enable JLR to have access to such funding as and when required and enable optimization of cash balances, while strengthening the liquidity position. “

Some 3,000 people work at JLR’s Halewood site.

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