Shares of Jaguar-Land Rover’s parent company, Tata Motors, rose to their highest level in almost 19 years after the company posted first quarter profits on strong demand for luxury SUVs and sedans. Tata made 19.9 billion rupees ($430 million) in the three months ending June, compared to a 3.3 billion ($71.26 million) lost last year. Tata Motors attributed the good news to the rebound in luxury vehicle sales.
Preparing for rising sales, chairman Ratan Tata, who is set to retire in 2012, wants to open Land Rover factories in India and China to pacify demand. This was confirmed by JLR CEO Carl-Peter Forster who said that Land Rovers will be assembled in India starting next year. Talks on producing Land Rover and Jaguar models on a JV basis with a partner in China is ongoing.
Jaguar-Land Rover is back into the black with a net income of 221 million GBP ($348 million) in the most recent quarter, a stark contrast to the same time last year, when it lost 64 million GBP ($101.6 million). In the period, JLR sold 57,153 vehicles, more than the 35,947 in 2009. Future plans for the leaping cat include the introduction of an XF estate (see Theophilus Chin’s version here) and a new entry level roadster.