Jaguar Land Rover plans to invest £2.75 billion in the UK in 2014, due to record profits and sales thanks to increased demand in China.
Jaguar Land Rover, owned by Tata Motors, said it will continue to make heavy investments in the UK after sales have increased in all important markets. Ralf Speth, chief executive, said the automaker’s investment in new vehicles, has paid dividends in the last year.
“This commitment is set to continue with a sustained programme of investment on new product, people and infrastructure in the year to March 2014.”
During the financial year ended March, JLR’s Ebit increased 11% to £1.68 billion, revenues went up 17% to £15.8 billion and retail sales jumped 22% to 374,636 units, due to the newly launched of the XF Sportbrake, Jaguar all-wheel drive XF, XJ and the all-new Range Rover. In 2012 the automaker added 3,000 jobs, reaching a total of 9,000 employees in the past two years and 1,400 jobs are to be added when JLR will open the new engine factory in Wolverhampton at the end of next year.
“We are seeing very high demand in China, which means it is our biggest single market for us and it is close to overtaking Europe as our biggest region. I think it will overtake Europe this year,” said Mr. Speth.