Jaguar Land Rover (JLR) has achieved its highest ever yearly sales and its biggest profit in nearly a decade, as the luxury carmaker shrugs off any signs that budget-squeezed consumers have been reining in spending.
The company said it made £29 billion in revenues over the year to the end of March, more than a quarter higher than the previous year.
This was driven by record sales of its Range Rover vehicles, where its more expensive models start at around £100,000.
Around 133,000 vehicles had been ordered at the end of the financial year, three quarters of which were for Range Rover, Range Rover Sport and Defender models.
The group’s pre-tax profit hit £2.2 billion, the highest amount since 2015, it said.
Earnings were boosted by higher sales volumes as well as a reduction in material costs for the business, amid a wider easing of inflation across the UK.
Its new electric Range Rover model has generated strong interest, with about 28,700 signing up to the waiting list since it opened in December.
The new models are being made at the firm’s factory in Solihull in the West Midlands.
The manufacturer said that about 950 electrification jobs were created in the latest year.
Meanwhile, Tata, the parent company of JLR, confirmed in February it was building a £4 billion battery factory in Bridgewater in Somerset.
It is set to create thousands of jobs in the region and boost the number of electric cars being built in the UK.
JLR also revealed it sold 20 versions of a bespoke version of its Range Rover SV, only available in the Middle East, for around £330,000 each.
Adrian Mardell, the group’s chief executive, said: “We are entering the next exciting phase of our Reimagine strategy which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024.”