Jaguar Land Rover plans to invest £3.75bn in FY17

The Dollar Business Bureau

Jaguar Land Rover (JLR), owned by Indian conglomerate Tata-motors, plans to invest about £3.75 billion during financial year 2016-17, as it looks to enhance production capacity, introduce new products and enhance technologies.

"The company plans to invest in the region of £3.75 billion during fiscal 2016-17 to support continued, sustainable, profitable growth in the future," Jaguar Land Rover (JLR) said in a statement. 

The luxury car maker plans to launch the Range Rover Evoque Convertible and the Jaguar F-PACE, which, as the announcement said, will unleash the potential of the two brands in future.

"JLR has produced and sold more cars than at any time in our history. We are now the largest automotive manufacturer in the United Kingdom," the company's Chief Executive Officer Ralf Speth exclaimed.

"Furthermore, we are on track to deliver even more sensational products that will underpin the future performance of the business," Speth said.

Last fiscal, the company introduced several new models - including the Discovery Sport, Jaguar XE and XF.

The positive outlook for the premium automotive market across the globe, coupled with the upcoming launches of new JLR vehicles, is expected to boost the company’s future growth, Speth added.

JLR sold more than half a million vehicles for the first time ever last fiscal, as a strong demand in the European and the South American market pushed its unit sales to 521,571, a growth of 13% over the previous fiscal.

The company’s financial revenue, too, grew £342 million to £22.2 billion over the previous 12-month period.