Jaguar Land Rover raked in £2.5billion of pre-tax profit during the last financial year – its highest profits in 10 years, and a 15 per cent increase year‑on‑year – and saw record sales of the mighty Land Rover Defender, with 115,404 new models flying out of showrooms in that same period.
JLR generated £29billion in revenues in the 12 months from the end of March last year during which time, like other car makers, it also had to navigate “global economic challenges,” particularly the 25 per cent tariff imposed by President Donald Trump on foreign-made cars imported to the US, which was first announced back in February.
Of course, the news of JLR’s record profits comes just a week after a trade deal was struck between the UK and US that will reduce the tariff for the first 100,000 British-made cars going across the pond down to 10 per cent, and has provided some welcoming relief to the automotive industry in the UK.
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That’s great news for the Range Rover and Range Rover Sport which are built in Solihull in the Midlands, especially as the first-ever Range Rover Electric will be arriving very soon and has already amassed a waiting list of roughly 62,000 potential customers.
