The Chinese preferred Jaguar Land Rover cars
Jaguar Land Rover (JLR) reported quarterly profit after strong sales growth in China. In the three months to 30 September, the British auto company posted an EBITDA of £ 156 million, on the back of an 8% rise in revenues to £ 6.1 billion.
Sales in China, a key market for car manufacturers, were up nearly a quarter from a year earlier. JLR said the popularity of the new models helped improve the results, with the new Range Rover Evoque growing more than 50% globally.
The JLR has carried out massive layoffs this year, cutting 4,500 jobs, with most of the layoffs being done in the UK.
In announcing the results, JLR CEO Sir Ralph Speth said it is “encouraging that the impact of our Project Charge transformation program and our initiatives to improve the Chinese market is starting to show in our results.
In April of this year, the JLR stopped production for a week due to uncertainty surrounding Brexit.
The automaker also plans to close UK factories for a week in November to adjust production due to Brexit uncertainty and lower demand for diesel vehicles.
Previously it was reported that the American Ford Motors has not yet managed to win the hearts of the Chinese, who have reduced purchases of cars of this brand by 35%, but the company hopes for better results next year.