The company confirmed to the world that China has become the principal marketplace for its classic cars. In fact, following a successful year of sales, China has overtaken the UK in order to become JLR”s largest market.
This success was partly due to the sale of 20,000 Range Rover Evoques in China over the past year. The Chinese market has also seen high demand for the Jaguar XJ and XF models.
As a result, JLR transported around 60,000 Jaguar and Land Rover vehicles into January and October 2012, this figure represents an enormous 90% increase compared to 2011.
Sales wise, in 2011 JLR sold 44, 000 vehicles in China, whilst the corresponding figure for 2010 was 26,000.
As you can see, the figures are going only one way, and at a rapid pace!
Despite these excellent results, experts feel that the Chinese market has not even started to reap its potential. It is believed that there is the possibility to double these sales figures thanks to China”s growing affluence. In fact, the purchase of at least one luxury car is becoming more and more popular amongst China”s expanding middle-class population.
As a response to this steep increase in demand, and in order to prepare for further success, JLR has taken the decision to manufacture cars outside the UK for the first time.
The group has agreed a joint venture with Chery, which is already one of China”s largest car manufacturers. The joint venture will see the creation of a new factory close to Shanghai, which is due to open in 2014. Activities at the Chinese site will include research and development, engine plants and production lines. This will therefore see the production of cars from start to finish.
CEO Dr Ralph Speth spoke at the stone laying ceremony for the new factory, according to him “It seems only fitting that this new venture will take place in the People”s Republic of China, the world”s fastest-growing market for premium vehicles.”
So we take our Trade Classic”s hats off to Jaguar Land Rover.
In this current economic climate, other car makers, hit by the eurozone crisis are experiencing tough times. However, having cast the net further afield, JLR is gaining record results.
In fact the company has seen a period of impressive growth – for the financial year ending in March 2012, Jaguar Land Rover made a record £1.5bn profit.
This article was written and published by Emma Jones. Emma works for Trade Classics as an in-house journalist and copywriter and has many years” experience in the classic car sector. Why not write a reply on this article below – she”d love to hear your thoughts on her thoughts!Google
Tags: classic car china
Categories: Classic Car Blog, Classic Car Chat